Finally, the IRS does something I like

[IndependentlyPoor]

I don't think of myself as one who resents the rich... some day I'd like to be IndependentlyRich instead of IndependentlyPoor, but folks (especially rich folks) who evade their taxes really cork my pistol.

Good article in Bloomberg about this. Be sure to check out the graphics tab also.
UBS Tax Net Snares Credit Suisse, Julius Baer Clients (Update1) - Bloomberg.com

If it were up to me, I would also slap heavy import duties on American companies that move their incorporation to tax-havens, but that is another rant.
Search Results - THOMAS (Library of Congress)

 

[freebird5825]

The IRS needs a lot of these
(see Tax avoidance and tax evasion - Wikipedia, the free encyclopedia)

 

[ziggy29]

Just keep in mind that a lot of the things the IRS is blamed for are really the fault of Congress. The IRS doesn't make the bad or stupid laws, they only enforce them...

 

[Texas Proud]

I think a lot of people are coming forward... but there will be a big majority that do not...

Saying you are going to bring charges and actually doing it are far apart.. and that is if they can find you....

I bet they go after the big banks and advisors... and the 'small' guy with only hiding a mill here or there will skate... (well, if they find out I hope they will at least hit him hard with penalties and interest)....

One of the good things is no statue of limitations... so they can take their time with this...

 

[freebird5825]

Check out column 6 for the number of IRS agents (civilian employees) on an annual basis:
http://www.irs.gov/pub/irs-soi/08db29ps.xls

Compare that to column 4, US population.

 

[FUEGO]

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.