Foreign Bank Account Voluntary Disclosures
Since the 2009 calendar year, the Department of Justice and the IRS have been aggressively waging war on taxpayers who hold undisclosed offshore accounts. Through a variety of methods, the Department of Justice and the IRS have obtained volumes of information about the holders of offshore financial accounts and their assets abroad. Some of this information has been made public; other information has not been made public. In any event, the traditional concept of foreign “bank secrecy” no longer exists and there is now a growing trend towards transparency between the global community in regards to financial transactions. There is a growing trend of multi-lateral and bilateral arrangements between the U.S. and the global community which will ultimately result in transparency of most of the world’s personal financial account information. With this in mind, it is just a matter of time before the Department of Justice and the IRS discover the remainder of the U.S. taxpayers holding undisclosed foreign financial accounts.