In March of 2009 the IRS began a six month amnesty program with reduced penalties for those who come forward and acknowledge they been have unlawfully hiding assets– and failing to pay applicable taxes on those assets. The amnesty program is part of a broader effort by the IRS to crack down on U.S. citizens who are illegally hiding assets overseas. While the IRS has refused to say how many Americans have applied for the program, the number appears to be more than 3,000. Offenders still face penalties. But they can probably avoid jail time, and possibly avoid some penalties.
The IRS announced this week that it will extend the amnesty program until October 15. There will be no additional extensions.
If you are interested, you can read more about the amnesty program in an article by Stephen Ohlemacher (Associated Press) in the Tuesday, September 22 Cleveland Plain Dealer Business Section.