Revenooers Cash In On Foreign Accounts

IRS just loves to find dough – and it seems they’re finding more and more located in foreign lands.

The Commish recently announced that the various “offshore voluntary disclosure programs” have resulted in collection of more than $5 billion in back taxes, interest and penalties from 34,000 “voluntary” disclosures made under the first two programs, and the current program which has been ongoing since January.

“We continue to make strong progress in our international compliance efforts that help ensure honest taxpayers are not footing the bill for those hiding assets offshore,” quoth Commish Shulman recently.  “People are finding it tougher and tougher to keep their assets hidden in offshore accounts.”

The current program has no specific deadline for participation – you can sign up any time.  And when you do, be prepared to pay your 27.5% penalty for fessing up.

And if you thought Obama and the boys were just standing around and shaking in their boots, awaiting the recent Supreme Court decision on the health care law, think again.  We hear from Republican Rep. Denny Rehberg of Montana that the Health and Human Services Department had already been spending something like $1 billion of “implementation money.”  According to Rehberg, “That money is gone already on additional bureaucrats and IT programs, computerization for the implementation.”

Nice.

“There’s already 13,000 pages of regulations, and they’re not even done yet,” says Rehberg.

And you wonder why the taxes are so high around here, and getting higher come next New Year’s Day.  Cnsnews.com reports that on the day Obama was inaugurated, the total debt of the Federal government was a mere $10.627 trillion, though by the close of business on July 10, 2012, the number had zoomed to $15.886 trillion – an increase of $5.259 trillion!

In 2009, something like 81.8 million individual income tax returns were filed.  To the extent each of those folks are still around three years or so later, their share of the additional debt is in the neighborhood of $64 grand which, by the way more than swamps the median annual household income in 2009 of $49,777.

Have a nice day!

CONSULT YOUR TAX ADVISOR – This article contains general information about various tax matters.  You should consult your CPA regarding the implications to your own particular situation.

Jeff Quinn, the author of this article, is a shareholder in Ashley Quinn, CPAs and Consultants, Ltd., with offices in Incline Village and Reno.  He can be reached at 831-7288, welcomes comments at jquinn@ashleyquinncpas.com, and invites readers to consider his other commentary at http://blog.nolo.com/taxes.

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