I.R.S. Offers New Amnesty Deal for Offshore Accounts

By LYNNLEY BROWNING
NYT

The Internal Revenue Service announced a new initiative on Tuesday intended to lure tax evaders, but with stiffer penalties than those offered by a previous program.

Under the initiative, Americans with hidden offshore accounts have until Aug. 31 to come forward voluntarily and report the accounts to the I.R.S. in exchange for penalties that, while below what they would ordinarily pay, are still higher than those offered in an earlier amnesty program.

Tax and criminal defense lawyers had been speculating about a possible new program after recent statements by I.R.S. officials, including the commissioner, Douglas H. Shulman. The agency created the latest program amid a widening crackdown by federal authorities on offshore accounts sold to wealthy Americans.

The program makes clear that Americans who come forward will not to face prosecution for tax evasion — something tax lawyers say was more of an open question under the previous program.

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