IRS Official Urges Swift Foreign Assets Disclosure as Probes Increase

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Taxpayers should tell the IRS about their offshore assets under the agency's second voluntary disclosure program before IRS finds them, a senior agency official says, stressing time is of the essence. With multiple foreign bank investigations under way and information pouring in from the 2009 voluntary disclosure program, informants, and other sources, “don't wait until it's too late,” IRS Deputy Chief of Criminal Investigations Raven says on a webcast sponsored by BNA Tax & Accounting. His comments come just 10 days after IRS unveiled the new initiative, with more stringent terms than the first one, in its continued quest to track down assets hidden overseas and curb offshore tax evasion.