IRS Warns Time Short to Voluntarily Disclose Offshore Assets

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IRS cautions taxpayers that time is growing short to voluntarily disclose their offshore assets to the government under a program that offers a set penalty structure and the chance to avoid criminal prosecution. As the Aug. 31 deadline approaches, “U.S. taxpayers hiding money in undisclosed offshore accounts are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current,” IRS says in a statement. The agency says taxpayers who come forward on their own will get a better deal than those who wait for the government to find them, noting that IRS is continuing its investigations of foreign banks.