IRS Bites Widow – Failure to report foreign accounts costs $21M and 6 years in Jail.

 

Think the IRS is just kidding about reporting Foreign Accounts, or that what they don't know can't hurt you? Think again.

Take a look at what happened in the case of a Florida Widow that failed to report her Inherited Swiss and Liechtenstein Accounts. She was found guilty and assessed a penalty of $21,000,000.00 in addition she faces up to 6 years in prison.

“FBAR” (Foreign Bank Account Reporting) requires the reporting of Foreign Bank & Investment accounts controlled or owned by US persons and or corporations.

Penalties can be huge for failure to report and can also include jail time.  Don’t overlook this important reporting requirement and don’t fall for the old dodge “what they don’t know can’t hurt me”, as countries and banking systems around the world, including the Swiss, who are famous for their banking secrecy are telling all to the IRS.