U.S. Encourages Offshore Account Holders in the Caribbean to Come Forward

The United States is devising a new amnesty program to encourage wealthy U.S. citizens with hidden offshore bank accounts in the Caribbean and elsewhere to come forward, declare the funds, and pay the necessary taxes. Internal Revenue Service (IRS) spokesman, Frank Keith, said that the program would not offer terms as generous last year’s disclosure program did. The announcement will come within several weeks, ahead of the 2011 tax filing season.

The government wants to encourage people not to lie on their upcoming earnings said Robert Katzberg, a criminal defense lawyer in New York, with offshore bank clients in the Caribbean and Switzerland.

The Jamaica Observer reported that last year’s disclosure program was used by 15,000 Americans with hidden accounts, some holding hundreds of millions of dollars, according to the IRS. It said an additional 3,000 with accounts at various offshore banks, including the Cayman Islands, came forward after the October 15 deadline.

For full article, see http://www.caribbeannewsnow.com/headline-US-to-offer-amnesty-for-Caribbean-offshore-account-holders-4706.html

Illustration from http://www.algerie-dz.info/offshore-banking-account-online/

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