Offshore account disclosure is the process of coming into compliance with US reporting requirements for foreign financial accounts — including FBAR (FinCEN Form 114), FATCA (Form 8938), and related international information returns. US taxpayers who hold or have signature authority over foreign accounts exceeding $10,000 in aggregate value at any point during the year must file an FBAR. Willful failure to file can result in penalties of up to $100,000 or 50% of account balance per violation, per year. The IRS has collected billions through offshore enforcement programs and continues to receive automatic account data from over 100 countries under FATCA. Neil Jesani Tax Resolution guides high-net-worth individuals, dual citizens, and expatriates through streamlined filing procedures, voluntary disclosure, and FBAR defense to achieve compliance while minimizing penalties and protecting assets. What Is Offshore Account Disclosure and Who Needs It? Offshore account disclosure refers to the process by which US taxpayers report their foreign financial accounts and assets to the IRS and the Financial Crimes Enforcement Network (FinCEN). Under US tax law, all citizens, permanent residents, and tax residents are required to report their worldwide income and disclose foreign accounts regardless of where they live or where the accounts are held. This obligation applies even if no tax is owed on the foreign income. You may need offshore disclosure if you hold bank accounts, investment accounts, or pension accounts outside the United States. Dual citizens who have always lived abroad but never filed US tax returns have reporting obligations. Expatriates working overseas with local bank accounts must report those accounts. Individuals who inherited foreign accounts from family members are also subject to FBAR and FATCA requirements — even if they have never personally deposited funds into those accounts. The scope of reportable accounts extends beyond traditional bank accounts. Foreign mutual funds,...