Picture this. You have an offshore account with a Swiss Bank that, for whatever reason, you haven’t gotten around to reporting on your U.S. tax return or on a FBAR. One morning, as you are sipping your coffee and checking your email inbox, you come across an ominous email from your Swiss Bank.

The subject line of the email immediately grabs your attention. It reads: “Important Information for U.S. Persons.”

You open up the email and read the first three paragraphs:

“We have identified you as the beneficial owner of an account that is subject to FATCA. Participating foreign financial institutions such as ours are required to identify and report Read More