ABITS & Associates, Inc.

Automated Bookkeeping & Income Tax Service

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Past Tax News

This is the Second Amnesty offer from IRS for taxpayers with unreported income from Offshore Accounts. The first Amnesty period ended on October 31, 2009, and produced roughly 15,000 disclosures to the IRS. Participants were subject to a 20% penalty rate covering a 6 year window. Taxpayers that make quit disclosures without seeking the protection of the OVDI run the risk of being examined and potentially criminally prosecuted.