Time to Come Clean: Attorney warns about the price of unreported foreign bank accounts

As seen in this article, “It may be time to come clean — if it’s not already too late.

That’s the advice Newark attorney Lawrence Horn is giving to people who have money in Israeli (and other overseas) bank accounts, but have neglected to report it on their tax forms.

Since 2008, the U.S. government has been cracking down on holders of foreign bank accounts. …

‘Once the bank gives your name to the IRS, you’re disqualified’ from entering the disclosure program, Horn said. ‘If you’re under an audit, under examination, or the bank has disclosed your name, you can’t enter the program.’”