This may spell problems for US depositors as well, since there is an information sharing agreement between United States and Germany and the last time the German government purchased a disc of depositors was from Credit Suisse, which later caused the US to investigate and issue a John Doe summon to Credit Suisse.
The IRS OVDP remains in effect and offers a limited form of amnesty with manageable penalties and no prosecution.
The IRS resently released helpful FAQs. In general, these FAQs say the IRS will not penalize taxpayers who don’t owe additional taxes (even if they didn’t properly declare their foreign accounts). Just file your past due FBARs, the IRS says.
If you have UNREPORT FOREIGN INCOME, contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).