Extortionist IRS to Extend Leniency for UBS Offshore Disclosures

The Internal Revenue Service will extend until Oct. 15 the ability of Americans with undeclared offshore accounts at UBS AG and other banks to avoid criminal prosecution and some fines if they disclose their holdings, a government official familiar with the program said.

The agency will delay a Sept. 23 deadline at the request of accountants and tax lawyers who are experiencing an influx of inquiries and need more time to prepare formal “voluntary disclosure” applications under the program, the official said. More than 3,000 people have come forward since the IRS announced the partial amnesty in March, the official added.

Americans with large undeclared offshore accounts have been under growing pressure since Switzerland agreed Aug. 19 to hand over data to the U.S. on as many as 4,450 UBS AG accounts to settle a lawsuit in which the U.S. had sought as many as 52,000 accounts. The IRS says it expects to handle as many as 10,000 cases related to the matter and about half will come from the voluntary disclosure program.

http://www.bloomberg.com/apps/news?pid=20601085&sid=adXVfTKWkz9Q

They should all have gone to court to vigorously defend themselves, individually...

Tie up the courts for a generation.

Extortionist IRS to Extend Leniency for UBS Offshore Disclosures

Extortionist IRS to Extend Leniency for UBS Offshore Disclosures

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