Announced last December, the new venture was officially unveiled Wednesday at a news conference disclosing program and distribution details as well as its name and August 1 sign-on date.
Yes, many Americans have cheated by hiding income and assets in tax havens offshore, but they are now getting busted by the IRS. The U.S. Foreign Account Tax Compliance Act (FATCA) will force foreign banks to divulge information regarding their U.S. clients, and many offshore tax cheats are considering the extended IRS voluntary disclosure program (see details below).