I’ve been shouting from the proverbial rooftop for the past several months, and a recent decision by the US District Court is an example of why: an 87 year old man has been ordered by a federal jury to pay fines to the IRS in excess of $2,000,000 for an account that never had more than $1,700,000 in it. Yes, that’s right, the defendant, Mr. Zwerner, must pay more money in fines and penalties than he’s ever had in the account for not reporting the foreign account properly on his FBAR reports for several years. I’m sure this case will be in court for years, and there may very well be a constitutional argument about excessive fines and the 8th amendment to the US Constitution. However, this is a prime example of what many Californians are in for when dealing with the IRS and secreted offshore investments. The time to act is now. Call 866-631-3470 and speak with an experienced tax attorney. Your information will be protected by attorney-client privilege, and we will be able to review all of your financial accounts and identify all options for you going forward.
