The days of hiding assets in accounts overseas are coming to an end, says the Internal Revenue Service.
On Wednesday, the IRS announced changes to its 5-year-old campaign to force greater tax compliance from millions of Americans with undisclosed foreign accounts.
“Our aim is to get people to disclose their accounts, pay the tax they owe and get right with the government,” IRS Commissioner John Koskinen said in a statement.
The changes to the IRS’ offshore account compliance program should help the people in the U.S. and abroad who unintentionally cheated on their taxes by having offshore accounts, while also pushing those who have been trying to hide money abroad to come forward sooner.
IRS Tweaks Offshore Account Rules to Prod Tax Cheats to Pay Up