IRS Scares 14,700 Americans Into Disclosing Secret Offshore Bank Accounts

The IRS announced today that 14,700 Americans disclosed their secret off-shore accounts — ensuring “billions of dollars in new tax collections” says Bloomberg.

Shulman reported the voluntary disclosures under a leniency program as the U.S. and Swiss governments announced the criteria used in an agreement for UBS AG to hand over data on 4,450 accounts. The IRS and U.S. prosecutors are scouring the new data to help pursue banks and advisers that foster tax evasion, Shulman said.

“We have now gained access to thousands of taxpayers and bank accounts that we have never had before,” Shulman told reporters in a conference call in Washington. “It has sent a shock wave around the world. It has showed we are serious about piercing the veil of bank secrecy.”

Watch out, tax evaders. The whole global economy thing isn’t working out for you.

IRS Gets Secret Account Data From 14,700 Americans [Bloomberg]

PREVIOUSLY: UBS Rats Out Thousands Of Potential Tax Evaders To The IRS


Edit Your Comment

  1. SWBLOOPERS says:

    Thank goodness for the Caymans…

  2. self-check says:

    Hiding money in mason jars won’t protect its value, as the Federal
    Reserve can just print up more and devalue yours. Best to buy things
    whose value can’t be manipulated as much, like precious metals. But I
    guess you’d then be a (hidden) tax evader as well. Why can’t you just
    hand over what is rightfully the government’s property?

  3. Coles_Law says:

    4,450 accounts turned over to IRS.

    14,700 people disclosed accounts.

    Thus, 10,250 people are kicking themselves right now.

  4. self-check says:

    Sorry, I thought my sarcasm would be evident. In reality, some people
    are taking measures to hide their valuables from thieves, while others
    who regularly get robbed are angry at those successfully hiding their
    valuables. The solution is stopping the robbers, not ensuring that
    everyone gets robbed.

    • trujunglist says:


      yeah! stop the robbing! no one gains anything from taxes except the government, which uses all of it to buy hookers and blow for the so-called “president” (he wasn’t legally elected because of some sort of birth certificate mishap that I’m a little fuzzy on but someone said it was true so it surely is)!

  5. Colonel Jack O'Neill says:

    I got 95% of my money in the Caymans, so right now it should be safe.

  6. voogru says:

    My money is in Bank Of UnderneathTheMattress.

    No fees whatsoever.

  7. mac-phisto says:

    good. i hope they throw the book at whoever had the balls to hold out. & frankly, i hope they start pressuring a few other international banks the same way they roped UBS into disclosing this data.

    the biggest thing that pisses me off about tax evaders isn’t their evasion – it’s the fact that they’re sucking money out of our economy altogether. either re-invest it or pay the taxes so that uncle sam can invest it for you. that should be your options. we don’t need more scrooge mcducks swimming in money vaults in this country – we need affluent people investing in businesses that provide work for the rest of us poor saps. & if you don’t want uncle sam taxing your millions, than stop parking it in a goddamn bank. go start a company or buy some shit already.

  8. jdmba says:

    Couldn’t be happier about this. Revenue which is NOT coming off the back of those working for a living is fine with me.

  9. MickeyMoo says:

    Here’s a question I’ve always wondered about:

    Why does a hedgefund manager only pay a 15% capital gains tax on a few billion of “income” but some middleclass schlub pay 43% tax on lottery winnings? They are both a form of legally sanctioned gambling. Discuss.

  10. halcyondays says:

    We really need to abolish the IRS and go with a VAT or some similar tax.

  11. Blueskylaw says:

    The IRS (income reducing service) is going after tens of thousands of people for not paying tens or hundreds of millions of Dollars, but they couldn’t find the one guy who scammed people out of tens of billions of Dollars.

  12. Cameraman says:

    The Beast is hungry, having just spent trillions of dollars on stupid, ill-conceived bullspit. Elections have consenquences. Don’t vote for *any* incumbent next time around no matter what letter they have after their names, and send a letter to your representative explaining exactly why.