Ok, so maybe I’ve been hiding money or assets offshore instead of keeping them here in San Diego. Yes, I have probably failed to report it on my FBARs. I hear I can just fill out some streamlined application, pay 5% and I’m home free, right? Not one investor is happy that the IRS has gained an incredible advantage in tracking foreign bank accounts and assets. This is an historic time, and a moment college professors and economists will look back upon as “the moment when the shell game stopped, and the day of reckoning arrived.” What you are risking is criminal exposure – the opportunity for the IRS to seize what you own and place you in jail. This isn’t a threat. Ask the 82 year old Florida man who now sits in a federal prison on tax evasion charges. The IRS has the data, and they’re going to knock on your door sooner or later.

The real question is control. If you want to have any control over what happens, and how much of your money you may have to part with it is time to act and to act swiftly. I invite you to call us at 866-631-3470 for a free consultation to discuss your unique circumstances and what we can do to help. Take advantage of the protections of attorney-client privilege and work with an experienced and expert tax attorney. There are several programs and options for bringing your situation into compliance without paying half or more of your assets to the IRS, and without facing jail time. But you need to carefully consider your next steps. If you approach the IRS with a well constructed and strategically arranged plan and come into compliance you may be able to influence the outcome. If you wait for the IRS to knock on your door, they will in all likelihood assume you to be in “willful” non-compliance and active tax evasion. Your position and negotiating strength at that time are all but gone.


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To set up a free, no-obligation consultation with one of our knowledgeable San Diego based estate planning, business and tax lawyers, or learn more about our tax preparation, accounting and business advisory services call us at 866-631-3470 or contact us.