Tax Amnesty
Tax Amnesty draws about 7500 people who owe the federal government, IRS their taxes. About 7500 tax cheats have filed for the amnesty program that promised no jail and reduced penalties for tax cheats. The tax amnesty program allows those who hid money in more than 70 different countries and on every populated continent. The report states that the amount ranges from $10,000 to $100,000,000.
The IRS has a long standing policy that they would give tax evaders, who come forward, before they are contacted by the agency, no jail time. Fewer than 100 people apply for the program in a given year part of the reason is that the penalties can exceed the amount in the accounts depending on the lenth of time the tax evader has evaded the IRS.
In March the IRS began a six-month tax amnesty program that sweetened the offer with reduced penalties for the people with undeclared assets. The program was extended but it will not be extended again.
Tim Lorenz
Instant MLS Listings & Free Market Analysis
"We have actually closed many short sales!"
949-282-2521
Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!
No comments:
Post a Comment
http://www.markandtim.com