The IRS is saying that wealthy taxpayers are rethinking their sinful offshore banking ways in expectation of a tax evasion rapture.
Last week the Service had 400 applicants for its temporary voluntary disclosure program which is four times the amount they had in all of last year suggesting that some taxpayers are seeing the light.
The IRS evangelism has come about mostly because of their pursuit of the 52,000 secret names held by UBS. While this battle for souls is still continuing, the IRS figured they’d make a run at converting other, non-UBS, sinners.
Seek thy truth, after the jump
Some taxpayers are remaining non-believers however, thanks to their agnostic attorneys:
Yet attorneys say that those who come forward now risk supplying the IRS with more financial information than the agency may have otherwise been able to collect. “These taxpayers reasonably fear that applying to the program could supply the agency with a roadmap it would not otherwise have,” said Barbara Kaplan of Greenberg Traurig in New York, who handles voluntary-disclosure cases. “They worry that they could wind up both rejected for clemency and helping the IRS case against them.”
Ultimately, all taxpayers will have to take their own path but if they find themselves cast into the darkness, they won’t be able to say that the truth wasn’t presented to them.
Tax Evaders Flock to IRS to Confess Their Sins [WSJ]