Do you have assets in a foreign country? If so, you are required to annually report your foreign asset holdings to the IRS. After August 4, 2014, you will be subject to penalties that will equal up to 50% of your account balance if you are caught with any of these unreported assets. Your chances of being caught are increasing, and the IRS is only days away from reaching an agreement to start receiving data from more than 100 Swiss and other foreign banks.
Please contact your Alerding CPA Group tax advisor as soon as possible to discuss your options for voluntarily disclosing any hidden foreign assets. If your disclosure is sent in before August 4, 2014, you could avoid these huge penalties. We can be reached at 317-569-4181.