The program’s revival is part of the government’s effort to track down and prevent tax evasion around the world. Since 2009, the United States has prosecuted clients of UBS AG and HSBC Holdings PLC. Switzerland’s Weglin & Co. said on Jan. 4 that three of its bankers have been charged with conspiring to help US clients hide more than $1.2 billion from the IRS.
“We’re gaining momentum in our international efforts and the word is spreading across the globe,’’ IRS Commissioner Doug Shulman told reporters yesterday.
Shulman said 33,000 disclosures were made in the two previous iterations of the program.
An effort that began in 2009 has resulted in $3.4 billion in collections. The second program, in 2011, yielded about $1 billion for the IRS, and Shulman said he expects that amount to rise.
Unlike in the previous programs, the IRS this time is not specifying a deadline for disclosing assets. It said the program will remain open “for an indefinite period.’’
The agency raised the penalty to 27.5 percent from the 25 percent charged in 2011.
In an attempt to encourage taxpayers to come forward soon, Shulman said the penalties could be increased or the program shuttered at any point.
