Let’s face it — you’re not a tax lawyer, so you probably don’t keep up with all of the changes and developments that the IRS makes. However, if you don’t know a lot about the IRS Offshore Voluntary Disclosure Program, you’re putting yourself at risk.

Here are 3 things you probably don’t know — but really need to understand:

1. It’s not quite as “voluntary” as it sounds

Having the word “voluntary” in the name is kind of a misnomer. There’s nothing voluntary about your participation in the IRS Offshore Voluntary Disclosure Program. If you have more than $10,000 stored in foreign accounts at any point during the year, you have to report it to the IRS. Even if your accounts are below $10,000 when it comes time to do your taxes, you’ll still need to report the money. If you don’t, you’ll need a whole lot more than a good tax lawyer! You might need legal help to keep yourself out of jail!

2. The Justice Department has gotten involved

The IRS has created a special task force to investigate violators of the Offshore Voluntary Disclosure Program, but the power behind this program doesn’t end there. The Department of Justice has gotten involved in cases, too — particularly in Switzerland, where they’re reportedly pressuring Swiss banks to hand over information about account holders. So, if you think you can get away with ignoring the IRS Offshore Voluntary disclosure Program, think again!

3. The same penalties apply, no matter where your money is

Ask any good tax lawyer, and they’ll tell you that just because your money is stored in an offshore account doesn’t mean you can’t get penalized for not reporting it.

If the IRS thinks you’re trying to avoid paying the taxes you owe, you’re going to wind up paying penalties — whether your money is in a U.S. bank account or an account halfway around the world.

And, in some cases, it appears that the IRS is trying to make an example out of people who don’t follow the rules of the Offshore Voluntary Disclosure Program. While there might be a limit of $500,000 that the IRS can impose in fines, there is no limit to the amount of other civil penalties you can be forced to pay.

Plus, there’s talk of allowing the IRS to revoke the passports of people who openly disregard the Offshore Voluntary Disclosure Program!