Nov 1, 2009 12:00 PM

, By Amy Walsh

They missed the government's big forgiveness program, but can still come clean to win some leniency. And that may be a good idea — given the criminal and financial liabilities these accounts create for them, their heirs and their estates' executors

By Amy Walsh

The events of the past year make it clear that the U.S. government has launched an unprecedented assault on taxpayers who hide their assets in offshore bank accounts. In addition to bringing numerous criminal cases, the government has accepted thousands of taxpayers' voluntary disclosures of their hidden foreign bank accounts in exchange for the promise not to prosecute and leniency on penalties.¹

The government's formal voluntary disclosure program for foreign bank accounts ended on Oct. 15, 2009. In spite of this deadline passing, it's not too late for clients who still have secret foreign bank accounts to come clean. Clients who don't come forward risk not only jail time and draconian fines for themselves, but also financial hardship and headaches for their heirs and executors.