Have you disclosed the existence of your foreign bank accounts to the IRS on your tax returns?
If not, you could be in big trouble. In a recent case, George Landegger, the Chairman and CEO of an international paper company, hid over $8.4 billion in a Swiss bank account and did not disclose it to the IRS on his tax returns.
As a result, Mr. Landegger was criminally investigated by the IRS for failing to declare his assets in the Swiss bank account.
Mr. Landegger recently pled guilty to willfully failing to file Reports of Foreign Bank and Financial Accounts. Mr. Landegger faces a maximum sentence of five years in prison. He has also agreed to pay a civil penalty of over $4.2 million dollars and back taxes of over $71,000.00.
If you have money in a foreign bank account that you have not disclosed to the IRS on your tax returns, call us, we can help.