The IRS had an amnesty program that ended on April 15, 2003. U.S. taxpayers who had money hidden offshore could come clean with reduced penalties and hugs and kisses from the IRS. Yeah, right.
The IRS announced that the Voluntary Compliance Initiative was a stunning success. Over 1,200 people came forward, etc. etc.
Yesterday the Senate Finance Committee co-chairs sent a letter to the IRS saying, “Oh really?” They wonder if the wonders of the Voluntary Compliance Initiative haven’t been oversold.
Yup. Take it from me. I have matters on the table right now for clients who need to come clean in a big way.... continue reading