To provide the same penalty rate for taxpayers who voluntarily disclose unreported income from offshore accounts as was afforded Timothy Geithner with respect to his failure to pay self-employment taxes with respect to his compensation from the International Monetary Fund.

Zero penalty rate for offshore voluntary disclosure program

The penalty assessed under the Internal Revenue Service special voluntary disclosure program for unreported income from hidden offshore accounts shall not exceed the penalty imposed with respect to Timothy Geithner’s failure to pay the tax imposed under section 1401 of the Internal Revenue Code of 1986 on his gross income derived from employment with the International Monetary Fund.