Part of a good Orange County tax lawyer’s responsibilities is to keep up to date with the IRS’ ever-evolving rules and programs. That’s why a good tax attorney will be well-versed on the minute details of the Offshore Voluntary Disclosure Program.

But how do you know if your Orange County tax lawyer really knows what he’s talking about?

The good ones will be able to tell you these 4 things:

1. There’s no getting around it

Long gone are the days when money stored in foreign accounts was considered out of sight and out of mind. Instead, the IRS created the Offshore Voluntary Disclosure Program to go after U.S. citizens that don’t report the money they’re storing overseas.

In fact, the IRS is so serious about the Offshore Voluntary Disclosure Program that it has even created a special investigation unit made up of hundreds of agents to investigate people who aren’t complying with it.

Bottom line — if you think you’ll be able to fly under the radar of the IRS Offshore Voluntary Disclosure Program, think again!

2. It’s not quite so voluntary

When it comes to the IRS Offshore Voluntary Disclosure Program, the word “voluntary” is kind of a misnomer. In reality, anyone who has more than $10,000 stored in foreign bank accounts has to comply with the rules. If you don’t, you can be subject to major fines and jail time.

The longer you try to dodge the program, the worse things will get. For example, if the IRS says you willfully failed to file your FBAR form, the penalties start at $100,000 — and, in virtually all cases where there are missing FBARs, the IRS says you willfully kept them hidden!

3. It’s not just for high rollers

Ask any Orange County tax lawyer that understands the ins and outs of the Offshore Voluntary Disclosure Program, and you’ll hear that this program isn’t just for the “big guns” that have millions of dollars stored overseas. If you have more than $10,000 stored in foreign bank accounts at any point in time during the year, you are on the IRS’ radar.

So, if you think that your measly $15,000 stored in a Swiss bank isn’t going to get discovered, think again!

4. The IRS isn’t the only agency involved

The Justice Department has actually stepped in to help the IRS with the Offshore Voluntary Disclosure Program. In fact, the Justice Department has been putting pressure on foreign banks — particularly Swiss banks — to turn over information about account holders. So, even if you don’t report your money, your bank might. Then, you’ll need a good Orange County tax lawyer to help clean up the mess!