WASHINGTON — The Internal Revenue Service is reviving a program that lets Americans hiding their money abroad pay back taxes and penalties while avoiding criminal prosecution, an effort that in recent years has netted the government billions of dollars.
IRS Commissioner Douglas Shulman, who announced the program’s renewal Monday, said previous efforts in 2009 and 2011 resulted in the collection so far of $4.4 billion from 33,000 people, an amount he said “we never thought we’d reach.”
Those who voluntarily disclose offshore holdings will face penalties of up to 27.5 percent of their assets, plus back taxes and interest for up to eight years. People whose hidden offshore funds don’t exceed $75,000 could face smaller penalties.
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