(Bloomberg) Americans who have been evading taxes through Swiss bank accounts are being advised by tax lawyers to come forward before the Justice Department steps up its own pursuit in response to Senate critics.

An Internal Revenue Service voluntary compliance program is already drawing between 400 and 500 people a month, U.S. Deputy Attorney General James Cole said during testimony before the Senate Permanent Subcommittee on Investigations yesterday. Cole was responding to criticism that the prosecution of offshore tax evasion had stalled.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access