Amnesty Period Ends for Tax Evaders
October 17, 2009 by Stephen Kersey
Filed under Business
Accountholders of secret Swiss bank accounts that failed to pay the appropriate taxes on their money were offered a limited-amnesty deal by the government so that they would come forward. However, the amnesty period has now ended, meaning that the accountholders that come forward now will face an increased chance of criminal prosecution.
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More than 7,500 accountholders came forward to take advantage of the more lenient terms. Those that still want to turn themselves in, though, can still go through one of the IRS’s longstanding programs in order to do so. In fact, officials do not expect the end of the leniency period to stop people from turning themselves in.
The accountholders that still have not turned themselves in will most likely eventually be found, as Switzerland formed a deal with the United States that would force banks to turn over the information of the secret accountholders to the appropriate American officials. For that reason, accountholders are encouraged to turn themselves in so that they do not face criminal prosecution or jail time.
