Did you forget to disclose all of your Swiss Bank accounts to the IRS by Tax Day?
You need not panic yet if you missed the April 18 deadline for reporting foreign accounts.
The IRS has allowed for you to have an automatic six-month extension (until Oct. 16) to file the FBAR for 2016. SO let the celebrations commence.
U.S. taxpayers with foreign accounts whose aggregate value exceeded $10,000 at any time in 2016 are required to electronically file FinCen Form 114 to report them.
If you remain one of those taxpayers with undisclosed overseas accounts from prior years, well beware they will find you. But if you would like e reprieve, the IRS has a voluntary disclosure program, which lets account owners come in, fess up and pay any back taxes and a penalty to avoid criminal charges. So you need not go to jail for hiding the money.