Stashing your money overseas in a Swiss bank account may make you feel like James Bond—but in the eyes of the IRS, you might just be Goldfinger, the cheat. That’s why the IRS requires taxpayers with money in foreign accounts to report those monies. And if you don’t report, you’re asking for a world of hurt.
The U.S. government has brought the hammer down on hidden overseas bank accounts in recent years, going after both the banks and the account holders. As a result, you can’t count on foreign financial institutions—even the Swiss banks famed for their secrecy—to protect your identity.
You face staggering penalties if the government finds you hiding money in offshore banks. And the law enforcement posse gets bigger each year. So now is the time to get right with your reporting and pay taxes on the earnings of those foreign accounts and assets. ... Log in to view full article.