Pin It
The Internal Revenue Services' Offshore Voluntary Disclosure Program offers incentives for taxpayers to disclose their secret foreign bank accounts.

Some facts about offshore tax dodgers 

The Internal Revenue Services' Offshore Voluntary Disclosure Program (OVDP) offers incentives for taxpayers to disclose their secret foreign bank accounts. This allows them to pay overdue taxes, interest and reduced penalties to avoid criminal prosecution that would otherwise be pursued by the IRS in an audit.

Here are some figures about the OVDP from a March 2013 Government Accountability Office report, which analyzed the program.

39,000 Number of disclosures of previously unreported offshore bank accounts, 2009–2011

$5.5 billion Total amount in those secret accounts

$923,300 Highest penalty, tax and interest amount assessed

$2,318 Lowest assessed

378 Cases in which taxpayers were penalized more than $1 million, 2009

$5 million Account balance that would incur a $1 million penalty

Top countries for secret accounts

  • Switzerland
  • United Kingdom
  • Canada
  • Israel
  • France
  • Germany
  • China
  • India
  • Taiwan

Top banks housing offshore accounts with penalties greater than $1 million

  • UBS
  • Julius Baer
  • Credit Suisse
  • Zürcher Kantonalbank
  • HSBC

Comments

Subscribe to this thread:

Add a comment

INDY Week publishes all kinds of comments, but we don't publish everything.

  • Comments that are not contributing to the conversation will be removed.
  • Comments that include ad hominem attacks will also be removed.
  • Please do not copy and paste the full text of a press release.

Permitted HTML:
  • To create paragraphs in your comment, type <p> at the start of a paragraph and </p> at the end of each paragraph.
  • To create bold text, type <b>bolded text</b> (please note the closing tag, </b>).
  • To create italicized text, type <i>italicized text</i> (please note the closing tag, </i>).
  • Proper web addresses will automatically become links.

Latest in News Briefs

  • Poetic justice

    An ode on a Republican urn
    • Jul 16, 2014
  • Durham mural honors civil rights

    The city recently approved the design for the mural, which will depict scenes of Durham's involvement in the civil rights movement, such as the Royal Ice Cream Sit-in
    • Jun 11, 2014
  • Chatham park gets go-ahead

    Pittsboro commissioners approve Chatham Park
    • Jun 11, 2014
  • More »

Facebook Activity

Twitter Activity

Comments

Electric vehicle owners are always looking for best way to charge their vehicles; most probably due to lack of charging …

by shanebailey on Thanks, Triangle Wiki: list and map of electric car charging stations (News Briefs)

The comment did not have the prison guard's name, it had a link to a reprinted letter from a prisoner …

by Doug Crowley on Five fired after inmate death (News Briefs)

© 2014 Indy Week • 201 W. Main St., Suite 101, Durham, NC 27701 • phone 919-286-1972 • fax 919-286-4274
RSS Feeds | Powered by Foundation