legal

The IRS is Cracking Down

If you have any holdings in a foreign bank that exceed $10,000 this year, or expect to have that amount during the next year, then you are required to report to the IRS the total sum by August 31, 2011.  Doing so will grant your foreign account amnesty, but it will still be taxable.  No additional fees will be added, but waiting until the amnesty period passes to report your earnings will not grant you a pardon.  Waiting until your next tax filing period, if you already filed your taxes, will not grant you a pardon either.  It is necessary to report all oversea income exceeding $10,000 to the IRS to be guaranteed offshore amnesty if you are a US citizen.

Those who fail to do so will be caught, tried, and persecuted to the full extent of the law.  In fact the Department of Justice has started to pressure banks in Switzerland to reveal the information of their US account holders.  Credit Sussie and Banks across Europe have also fallen to the pressure and are giving all and any information asked for by the IRS.  When the IRS amnesty program ends they will know who filed for amnesty and whom to come after.  So start filing your taxes now if you are a US citizen and have more than $10,000 in offshore accounts.  You have less than 100 days to do so.