The IRS Offshore Voluntary Disclosure Program was implemented in 2012 and it gave citizens the chance for citizens to disclose any funds in accounts that are not found within American soil. Through this program, those who submit full disclosure of offshore accounts will not be criminally prosecuted, but will be fined heavily. A fair trade off given that those who ignore this program and choose to risk detection by the IRS will be penalized with a larger fine, as well as possible jail time; the legal process will be long and arduous, not to mention very expensive.
For some, this may sound like a daunting task due to its many legal implications; it is a very delicate and complicated situation, so why not leave it to a professional? Hiring a California tax lawyer can simplify things for you and explain the various legalities involved with the Offshore Voluntary Disclosure Program, helping you decide what the correct course of action is, a tax lawyer can also smooth out whatever contracts that will be written over the course of the disclosure to help you protect your property and avoid any kind of future harassment from the IRS.
To disclose your foreign accounts is the right thing to do, paying your property tax is according to the law, but you always have to be careful, know your rights, and study what is possible with the program, hire an expert tax lawyer to assist you for the whole process so you can be ensured that you are well protected.