I hear that there is a LOT of office bragging from immigrants who are making money in foreign stock exchanges and keeping the money overseas so they do not pay taxes. They seem to think that they can fool the IRS.
The IRS NEVER lets a US taxpayer get away with NOT REPORTING INCOME. The latest effort is called Report of Foreign Bank and Financial Accounts. US taxpayers, both individuals and corporations, MUST report all of their financial interests in bank accounts in foreign countries. The report is due June 30 of each year.
Have you done your FBAR report? Not doing your FBAR report is a felony. Also, generally the IRS can start seizing your money and your homes to pay the steep fines you will have to pay when you are again free to pay fines.
Recently, the US forced Swiss banks to reveal bank account information. Believe me, if they can get a Swiss bank to give them information, whatever bank you are using will also give the IRS information. Who knew terrorism laws could be so useful against tax evaders?
BTW, it is also a felony in California to pay someone cash for full time work, because you are then not correctly paying your worker's compensation insurance.
The IRS has a FBAR amnesty program where you can confess, pay the taxes, and move on with your life. May I recommend that you hire a tax attorney BEFORE confessing?
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