Disclosing your unreported offshore accounts can give you peace of mind because you no longer have to worry about massive penalties or IRS criminal investigation. There are several reasons to act quickly and take advantage of the current IRS offshore disclosure options.
Key Insights We Will Discuss:
How you can limit your tax penalties by making an offshore disclosure as soon as possible
How the IRS can find out about your foreign bank accounts
Why you should not wait to make an offshore disclosure
An Offshore Disclosure Can Reduce Your Tax Penalties
The penalty for failing to file an FBAR is up to $10,000 per non-willful violation. Willful violations can lead to penalties of up to $100,000 or 50% of your aggregate offshore account balance.