Shulman Says IRS ‘Seriously Considering’ New Amnesty

According to this Bloomberg article, “The U.S. Internal Revenue Service is ‘seriously considering’ a new partial amnesty program for taxpayers who report secret offshore bank accounts, Commissioner Douglas Shulman said today.” Lawrence S. Horn, Chair of the Sills Cummis & Gross Business Crimes and Tax Litigation Practice Groups, stated, “Criminal tax practitioners are delighted that there will be some certainty in the penalties assessed.” He continued, “People know they’ll get amnesty from prosecution, but now they’ll also know the civil penalty cost.”