You can really take advantage of the very beneficial IRS offshore voluntary disclosure program if you know the rules and exactly what it entails. There are experts who can help you with the filing and explain the benefits.
The reality of offshore banking accounts is that they still have to be reported to the Internal Revenue Service, even if you do not have the money physically in theUnited States of America. When you have offshore accounts that in their aggregate, when you add them all up together, are above the value of $10,000 at any point during the tax year, these need to be reported to the Internal Revenue Service. All of the income that is made off of these accounts in the form of interest income and such also needs to be reported on your tax return. The Internal Revenue Service is really starting to crack down on this as they do not want people using these accounts as a way to avoid having to pay taxes on things such as interest income, dividend income, capital gains income, and so on. This is requiring people to reach out to experts who can help them with this type of filing so the Internal Revenue Service leaves them alone. This can really help you in the long term as you want to be able to be an honest taxpayer while still enjoying the benefits of an offshore account.