On February 26, the Senate Permanent Subcommittee on Investigations will hold a hearing, "Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts.”  According to the Committee, “The hearing will continue the Subcommittee’s examination of tax haven bank facilitation of U.S. tax evasion, focusing on the status of efforts to hold Swiss banks and their U.S. clients accountable for unpaid taxes on billions of dollars in hidden assets.”

The GAO released a report today titled, “IRS's Offshore Voluntary Disclosure Program: 2009 Participation by State and Location of Foreign Bank Accounts.” The GAO report stated, “We reported 12,889 Report of Foreign Bank and Financial Account (FBARs) forms that were filed for 2008 by participants in the 2009 OVDP. Consistent with IRS's enforcement efforts and the design of the 2009 OVDP, we found that the population of participants was more likely to report offshore accounts in Switzerland than in other locations.”

The report can be accessed via:  http://www.gao.gov/products/GAO-14-265R.