Originally Posted by Texas Proud
Well, if they find out I hope they will at least hit him hard with penalties and interest...
I would guess that is what will happen to the thousands that will inevitably not report their offshore accounts under this amnesty agreement. Those folks will probably receive a thick envelope from the IRS and the first page will state the amount of taxes, interest, and penalties, and fees they owe. 20% for negligent misfiling, 75% for civilly fraudulent misfiling. The bottom line will read "you owe the IRS $XXX,000".
That will be a pretty sight to see.
I would also like them to hire more IRS agents if it will be a revenue positive endeavor. As in if it costs $120,000 to employ an agent for a year, and they can haul in a couple million in fees and penalties, I say do that as much as you can.