IRS to open offshore offices to uncover more bank accounts

10/15/2009 | Bloomberg

After more than 7,500 U.S. taxpayers confessed to holding undeclared foreign bank accounts, the Internal Revenue Service is opening offices in Beijing, Panama City and Sydney to find more accounts used to avoid taxes. IRS Commissioner Douglas Shulman said participants in the agency's partial-immunity program, which ends Thursday, reported balances from $10,000 to more than $100 million in 70 countries.

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