GAO Encourages IRS to Clamp Down on Quiet Disclosures

GAO Encourages IRS to Clamp Down on Quiet Disclosures

The Government Accountability Office in a report released April 26 lauded the success of the IRS's offshore voluntary disclosure programs but encouraged the agency to use the obtained information to identify taxpayers with unreported accounts who might be trying to stay under the radar.
 
The IRS has conducted four special voluntary disclosure programs in the past decade targeting taxpayers who held offshore bank accounts that were not properly disclosed to the U.S. government. The programs have collectively resulted in the participation of 39,000 taxpayers and the collection of $ 5.5 billion in tax revenue, according to the report (GAO-13-318), dated March 27.

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