IRS Gives Another Chance to U.S. Citizens With Undeclared Assets

Offshore Tax Compliance Chair Kevin Packman was quoted in a Bloomberg article titled "IRS Gives Another Chance to U.S. Citizens With Undeclared Assets."

The Internal Revenue Service is giving U.S. citizens who have shielded assets offshore a third opportunity to come clean, pay a penalty and avoid criminal prosecution. After collecting $4.4 billion in two so-called voluntary disclosure programs for offshore accounts, the IRS announced plans to revive the program as part of its efforts to track down and prevent tax evasion around the world. In this article, Mr. Packman offers an observation on the U.S. government's dilemma. "Taxpayers with undeclared assets might be more willing to work with the IRS amid fewer options to protect themselves offshore," he said.