As part of its continuing crusade against offshore tax cheats, especially among the super rich, the Internal Revenue Service today announced new incentives for the owners and inheritors of once-secret... more 
As part of its continuing crusade against offshore tax cheats, especially among the super rich, the Internal Revenue Service today announced new incentives for the owners and inheritors of once-secret foreign bank accounts to disclose them. They include major changes in both the offshore voluntary compliance program, which has gone through several iterations since 2009, and the streamlined compliance procedures announced in 2012. U.S. citizens, resident aliens and certain nonresident aliens are required to report worldwide income from all sources including foreign accounts and pay taxes on income from those accounts at their individual rates. less 
1 / 30
Wochit
Wed, Jun 18, 2014 6:52 PM EDT