The Internal Revenue Service reportedly is getting better at finding secret stashes of overseas cash.
As a result of the government’s prying eyes, “tax evaders are receiving harsher penalties than ever, including prison,” The Wall Street Journal reported.
Since a crackdown began in 2009, more than 55,800 people have paid more than $9.9 billion to come clean on such accounts, the Journal explained.
The IRS is looking for U.S. tax dodgers scouring data provided by banks in Switzerland and the Panama Papers, which were published last year and contain account details for hundreds of thousands of offshore entities, WSJ.com explained.
Meanwhile, “more than seven million Americans living outside the U.S. pay taxes where they reside, but they haven’t complied with U.S. tax rules on foreign accounts. As a result, they have felt sandbagged by the offshore-account crackdown and horrified by potential large penalties,” the Journal explained.
Record numbers have renounced