When it comes to disclosing your offshore bank accounts to the IRS, waiting is a bad idea. In June 2014, changes to the IRS's Offshore Voluntary Disclosure Program raised the penalty for having offshore assets that the IRS discovers without your voluntary disclosure.
There has been some controversy surrounding the Foreign Account Tax Compliance Act that many people in San Francisco may have heard about. The new law forces overseas banks to share with the Internal Revenue Service very personal information on American customers whose bank accounts have more than $50,000 in them. Not only does this law demand a lot of banks that may not even operate in the United States, but it also violates many countries' privacy laws.