The IRS has generated a list of banks, many of whom are Swiss, who have participated in actively helping US taxpayers to shelter money and income from the IRS. If you have an account with any of these institutitions, you will pay a 50% penalty on the highest aggregate balance in those accounts over a qualifying period of years.
Unless an all previous FBAR reports are accurate, or an application was submitted to the OVDP program prior to the dates established for the IRS for each bank, and mandatory 50% penalty will apply for all account holders. 5 More institutions were added to the list just this past week. As time continues to pass, and the IRS receives more information from US taxpayers and the financial institutions themselves we expect the list to significantly grow.
If you have any money offshore, or have had overseas accounts in the past 7 years it is important to come into compliance with FATCA and IRS FBAR reporting. We invite you to call 866-631-3470 for a free consultation to discuss your unique circumstances. You will enjoy the protections of the attorney-client privilege as we review your records, and develop a strategy to protect your financial interests.
