The Wall Street Journal reports that the Swiss government will be revealing to the U.S. government the names of all U.S. taxpayers holding Swiss bank accounts with balances greater than 1 million Swiss francs ($993,000).
The IRS is chomping at the bit: for decades, rich Americans have hidden money tax-free in secret Swiss bank accounts. Up to October 15, the IRS briefly offered a “Voluntary Disclosure” Program for all offshore account holders with undeclared income, giving people a chance to come clean and face reduced penalties. The program experienced a tsunami of applicants towards the final deadline, receiving about 14,700 confessions, far greater than expected.
Now the amnesty period is up.