Maybe all the IRS’ tough talk for off-shore tax cheats to come clean is working.
ABC: Faced with a Thursday midnight deadline to avoid possible prosecution, more than 7,500 Americans have come clean about secret foreign bank accounts, a senior IRS official said in an interview for broadcast tonight on “ABC World News with Charles Gibson.”
IRS officials say the hidden funds are in some 240 banks in 70 countries and on every continent except Antarctica. Some have as much as $100 million squirreled away, according to the ABC report.
The IRS has been aggressive in prosecuting tax evaders in the months leading up to the deadline tomorrow — we wrote about some of penalties here.
The U.S. push to cut off offshore tax evasion began when an American UBS employee spoke out against his employer; ironically, he now faces 40 months in prison.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.