Foreign Bank Accounts and Foreign Offshore Disclosure

On February 8, 2011 IRS Commissioner Shulman announced the 2011 Offshore Voluntary Disclosure Program. On that date he stated:

"As we continue to amass more information,and pursue more people internationally, the risk to individuals hiding assets offshore is increasing. As I've said all along, the goal is to get people back into the U.S. tax system...Combating international tax evasion is a top priority for the IRS. We have additional cases and banks under review. This new disclosure initiative in the last, best chance for the people to get back into the system....Tax secrecy continues to erode...We are not letting up on international tax issues, and more in in the works. For those hiding cash or assets offshore, the time to come in is now. The risk of being caught will only increase...."

If you are a US citizen or a Canadian who has a permanent green card and has complied with Canadian tax law, do not have more than $10,000 of US source income click here to see what your IRS  penalties will be under the US voluntary disclosure program.

If you are a US citizen and have filed US returns which are complete and accurate click here to see what your penalties will be.

If you don't file want to file your US returns click her to see what the IRS penalties will be. These penalties are in addition to possible criminal prosecution by the US government.

Penalty enforcement is enforced by the IRS on behalf of the Financial Crimes Enforcement Network (FinCen) of the United States Government.

Pick a Topic on the drop down menu above for various types of offshore account penalties and information.