We have written frequently written about the FATCA statute. Every month, more and more FATCA agreements are being negotiated between the U.S. and foreign governments. These agreements provide for foreign banks to disclose U.S. depositor information to the U.S. government. To this point, we are aware of several major foreign banks that have sent letters to their depositors which state that either via FATCA or separate unrelated agreements, the bank is going to release their information to the IRS. The letters advise that if the depositors have not properly reported their foreign income and or accounts to the IRS, they ought to seek tax advice.
Recently it’s not just large bank that are issuing these types of disclosure letters. Rather, smaller banks are beginning to issue letters to the same effect.. In other words, the IRS is digging deeper.
Horowitz Law Offices has represented clients with offshore bank account issues for several years. If you have an offshore account disclosure question, or other tax matter, you are welcome to contact us at 312 787 5533 or email@example.com.