CONFESSING THEIR SINS

Physician's Money Digest, June15 2003, Volume 10, Issue 11

Note:

According to the most recentIRS figures, more than 1200 taxpayers,including doctors, lawyers,and business executives, haveadmitted using offshore accountsand credit cards to evade more than$100 million in taxes. What's more,the IRS now has leads on 80 promotersof such illegal offshoreaccounts, and intends to pursuecivil and criminal penalties againstthem. The tax evaders set upaccounts in offshore banks and thenfinanced their living expenses usingcredit cards issued by those banks.The IRS, working with credit cardrecords from Visa, MasterCard, andAmerican Express to flush out taxevaders and promoters, is offering apartial amnesty program underwhich those who come forward canavoid prosecution and some taxpenalties. About 20% of thosewho admitted tax evasion claimedthe promoter had scammed themout of their money.