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

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