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Good for the soul to confess to the IRS?

by on
in Small Business Tax,Small Business Tax Deduction Strategies

The IRS is giving U.S. citizens who evade taxes by hiding income and assets offshore another chance to confess.

After collecting $4.4 billion in two voluntary disclosure programs for offshore accounts, the IRS plans to revive the program. Participants must pay as much as 27.5% of their most valuable offshore assets or their biggest overseas bank account. They also must disclose the banks and advisors that helped them evade U.S. tax laws.

Their reward? No criminal prosecution.

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