Every year on your tax return you’re required to report any bank accounts that you have outside of the United States so if you haven’t been reporting those this could be a serious problem. The IRS has serious penalties that they can impose against you and potentially even charge you criminally for not reporting bank accounts and other assets that you have outside of the country.
However, there is a amnesty program going on with the IRS called the Offshore Voluntary Disclosure Program. We have represented many, many people through this program and it’s various forms over the years. It enables you to come forward voluntarily and report that account, to go back and amend your tax returns and pay whatever taxes you owe. The fines are lower than what they would otherwise be if you were caught by the IRS first.See all videos