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by malcontent » Sun, 29 Nov 2020 12:57 pm
I would suggest that you fully educate yourself on the options available and make your own informed decision. If you seek expert opinion, they will give advice that is in their best interests or at least one that protects their interests, so you can’t come back to them if something unfortunate happens as a result of advice they have given you.
You have to understand FBAR and FATCA laws were written with the intent of netting big fish, those who have a motive for concealing because the tax savings they stand to gain is substantial. Unfortunately, no consideration was given to the vast majority who are just tiny minnows w/zero premeditated criminal intent.
If you seek out a professional, the first question you will probably be asked is whether you have any unpaid taxes from those undisclosed accounts over the past 3 tax years (or if the undisclosed income is 25% or more than the income you reported, 6 years). If the answer is yes - even if it’s only $1 - then “by the rules” you are supposed to do a noisy disclosure and pay the back taxes, interest and penalties. You then have to decide whether to go down that path or roll the dice with quiet disclosure and cross your fingers until 6 years lapse.
If the answer is no, then even “by the rules” the damage “should” be limited to reporting hassle, provided you take care of it before they discover your impropriety.
Do keep in mind that I am not an expert or a professional, just someone who has done a fair amount of study on the topic over the years, since it also impacts me. Take it for what it is worth.
Last edited by
malcontent on Mon, 30 Nov 2020 11:14 am, edited 1 time in total.
It is impossible for a man to learn what he thinks he already knows - Epictetus