Title:

IRS Creates Disclosure Program

Description:

Although the idea of creating an offshore bank account is something that many people equate with hiding funds from the government so taxes won't need to be paid, there's an interesting program being run by the IRS which is designed to allow people to disclose their offshore banking accounts. Surprisingly, although there is sometimes a harsh penalty of twenty-five percent levied upon tax payers, at least five hundred million dollars in undisclosed taxes has been collected and the IRS expects that number to increase as more cases are opened and settled over the course of the year.