Michael Sardar quoted in "Tax Cheats Face Higher Penalty For Hiding Assets From IRS", Bloomberg Law

Individuals with hidden money who want to come clean with the IRS will face higher fines for unpaid tax debts and will have to contend with new rules to disclose their assets.

The agency’s new voluntary disclosure program—applicable to both domestic and international disclosures made after Sept. 28—includes a larger minimum fine for evasion: 75 percent of the additional taxes owed, according to a Nov. 20 Internal Revenue Service memorandum that was posted on Nov. 29.

The program allows taxpayers to possibly avoid criminal prosecution by revealing assets to the IRS, and comes after the agency ended an offshore disclosure program that ran from 2009 through September. While the memo gives some certainty for taxpayers to know what to expect, practitioners say it could scare o some individuals from coming clean.

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