Investors who hold assets in offshore accounts should be on notice that the status quo is about to change. After Credit Suisse in May pleaded guilty to conspiring to aid U.S. tax evaders, many other foreign banks are lining up to help the U.S. government identify U.S. clients who may be using offshore accounts to dodge taxes.
If you have holdings offshore, you should beware that while the landscape for offshore account holders isn’t exactly clear yet, it may be wise to meet with an attorney sooner rather than later.
There are a number of ways your attorney may advise you to move forward, including back-filing of Foreign Bank Account Reports, as this article illustrates. Regardless of what he or she advises, be prepared to come clean with any and all offshore holdings in order to avoid potential criminal prosecution.