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<DIV><FONT size=2>Do you think that certain locals will continue to hide their
overseas accounts? Will their arrogance and hubris make them think that
deals like the one with Swiss bank UBS with Canadian and Cayman Islands banks
are now in the offing?</FONT></DIV>
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<DIV><FONT size=2>In at least one case, my guess is that the individual's
arrogance and hubris is so momumental that he will continue to believe that we
can outwit the IRS and cheat the reat of us.</FONT></DIV>
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<DIV><FONT size=2>W.</FONT></DIV>
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<DIV style="MARGIN-BOTTOM: 28px; OVERFLOW: hidden"><A class=nolht
href="http://www.spokesman.com/"><IMG style="FLOAT: left; MARGIN-RIGHT: 20px"
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<H5 style="FLOAT: right" class=details>October 15, 2009</H5></DIV>
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<H2>Taxpayers reveal overseas accounts</H2>
<H5 class=subhead>Thousands volunteer for IRS tax amnesty program</H5>
<DIV class="details nested grid-8"><SPAN>Stuart Pfeifer<BR>Los Angeles Times
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<P>Fueled by a crackdown on the use of overseas bank accounts as tax havens,
about 7,500 people have voluntarily disclosed such accounts to the Internal
Revenue Service and agreed to pay back taxes and penalties, IRS Commissioner
Doug Shulman said Wednesday. Today is the deadline for taxpayers with overseas
accounts to come forward under an IRS tax amnesty program.</P>
<P>The tax agency agreed not to pursue criminal charges against those people who
apply for the amnesty program and voluntarily disclose their overseas accounts.
Those taxpayers still face substantial financial penalties.</P>
<P>Interest in the amnesty program intensified in recent months after
Switzerland’s largest bank, UBS, agreed to disclose the names of about 4,450
U.S. account holders as part of an agreement to resolve a criminal investigation
by the U.S. government.</P>
<P>Combined with the voluntary disclosures, the IRS soon could have as many as
11,000 open investigations of individuals with overseas accounts.</P>
<P>Shulman said those who voluntarily stepped forward had accounts in 70
countries and “on every continent except Antarctica.” </P>
<P>Many of the people who applied for the program also provided information
about overseas investment advisers who marketed their banks as avenues to avoid
paying U.S. taxes and helped them set up overseas corporations to further
insulate their wealth from the IRS, Shulman said.</P>
<P>The IRS intends to investigate and pursue criminal charges against those
advisers, Shulman said.</P></DIV></DIV></DIV></DIV></DIV></BODY></HTML>