Chicago tax lawyer Robert E. McKenzie worries those with still secret offshore accounts may be less likely to disclose because they figure that if they’re found out and prosecuted, they’ll avoid jail as Warner has. But McKenzie tells prospective clients the same thing he wrote recently on Forbes: “Many other less lucky offshore depositors have been sentenced to prison by other judges. One distinguishing factor for Warner was he was a billionaire whereas those sent to prison were merely millionaires.”
The IRS has several programs in place, including the Offshore Voluntary Disclosure Program. Even those who intentionally hid their money overseas are allowed to confess to the IRS and correct their taxes for eight years.