IRS settles with 14,700 over foreign accounts

MIAMI - November 17, 2009

IRS Commissioner Doug Shulman says a flood of people came forward as an Oct. 15 deadline approached for the amnesty program. The program generally allowed people to avoid criminal prosecution if they agreed to pay taxes, interest and penalties.

Shulman says those taxpayers represent billions of dollars in taxes returning to the U.S.

The voluntary disclosure program was a major part of a U.S. crackdown on offshore tax havens. Swiss bank UBS AG earlier this year agreed to disclose names of some 4,450 taxpayers believed to be hiding income.

Several UBS customers have been charged criminally.

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