October 14,2009

Baucus Statement on Preliminary Results of IRS’s Offshore Voluntary Compliance Initiative

MEMORANDUM

To: Reporters and Editors

From: Dan Virkstis for Finance Committee Chairman Max Baucus (D-Mont.)

Re: Preliminary Results of Internal Revenue Service’s Offshore Voluntary Compliance Initiative

Senate Finance Committee Chairman Max Baucus (D-Mont.) issued the following statement today after the Internal Revenue Service (IRS) released preliminary results of its offshore voluntary compliance initiative. The IRS said 7,500 taxpayers have voluntarily disclosed the existence of offshore accounts and activity, in over 70 countries. Accounts disclosed under this program ranged from $10,000 and $100 million and include old family accounts that had been passed down without knowledge they needed to be reported, as well as more complex situations involving multiple accounts in several countries.

From Chairman Baucus:

“This is encouraging news and shows the IRS is taking the right steps to bring criminal tax evaders out of the shadows. With record deficits and a weakened economy, we owe it to honest taxpayers to set an aggressive agenda that puts an end to offshore tax evasion once and for all. I have committed time and resources to helping the IRS do a better job tracking these billions of taxable dollars, and we will continue to work with the House and White House to move a strong bill that gives the IRS the tools it needs to combat and prevent these intolerable abuses.”

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