The IRS is Ending Amnesty for Your Financial Accounts Overseas

The Internal Revenue Services offices in Washington, D.C.The Internal Revenue Services offices in Washington, D.C. If you’re holding a bank account or an investment account overseas, you’re running out of time to come clean to the IRS. The Internal Revenue Service will shut down its voluntary disclosure program on Sept. 28, meaning those who have failed to participate could be subject to large fines, penalties and criminal prosecution. Since the program’s launch in 2009, more than 56,000 taxpayers have stepped up to report their foreign financial assets. In all, they paid $11.1 billion in back taxes, interest and penalties since then, according to the IRS… MORE: cnbc