The Other Half

Tax Day for the Über-Rich

If a tree falls in an offshore bank account and the IRS isn't there to hear it... The federal government is cracking down on offshore tax havens, and they've given the holders of undeclared offshore bank accounts until October 15 to 'fess up and pay their fair share, plus a fine. The New York Times reports that several thousand wealthy Americans have come forward, but others are still weighing their options—and wondering whether their international banks and tax havens will ever give them up. One official called it a "high-stakes game": If caught after October 15, international tax evaders could face large fines or even prison. "A lot of people remain in denial and remain willing to take their chances," said a white-collar criminal-defense attorney who has dozens of clients with hidden accounts. Of those who have come forward, some admit to tax dodging, while others plead ignorance. Regardless, they have until Thursday to give it up, or test their luck.