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Been Putting Off Disclosing Foreign Assets To The IRS? Right Time May Be Now

Been Putting Off Disclosing Foreign Assets To The IRS? Right Time May Be Now

Another option is “quiet disclosure”, which is simply amending returns without making a big fuss about it.  Here is an article on what a bad idea that is for whatever that is worth.  And then there is just not doing anything.  You are betting on continued deterioration of the IRS enforcement capability and feeling lucky. I don’t recommend it, but of course, if you had been listening to somebody like me to begin with you wouldn’t be in the situation now.

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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.