7500 American Tax Cheats Comes Clean

[THE MATRIX]

WASHINGTON (Reuters) - Some 7,500 wealthy Americans turned over information about hidden overseas assets, including some valued at more than $100 million, ahead of a tax amnesty program's Thursday deadline, the top U.S. tax collector said.

Doug Shulman, commissioner of the Internal Revenue Service, said his agency would expand its crackdown on offshore tax evasion and will open new criminal investigation offices in Beijing, Panama and Sydney, Australia. The amnesty plan revealed accounts in 70 countries.

"You add all of this up and it means increased risk for anyone still hiding assets offshore," Shulman told reporters at a Wednesday briefing.

"The IRS has new momentum in this entire area and in the coming months our efforts will only intensify," he said.

Roughly 7,500 Americans have taken part in the amnesty program, he said, more than double the participation reported a few weeks ago. The amnesty deadline was extended once and will not be extended again.

In the past, without the special program, about 100 people came forward annually.

Under the amnesty program that began in September, tax cheats can declare offshore accounts and income, pay reduced fines and, in general, get immunity from criminal prosecution. The program turned up undeclared offshore accounts ranging from $10,000 to more than $100 million, Shulman said.

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http://www.reuters.com/article/ousivMolt/idUSTRE59D4M320091014