John Koskinen, IRS commissioner, said: ‘The groundbreaking effort around automatic reporting of foreign accounts has given us a much stronger hand in fighting tax evasion. People with undisclosed foreign accounts should carefully consider their options and use available avenues, including the offshore program and streamlined procedures, to come back into full compliance with their tax obligations.’

Koskinen said that under the Foreign Account Tax Compliance Act (FATCA) and the network of intergovernmental agreements (IGAs) between the US and partner jurisdictions, including the UK, automatic third-party accounting reporting began this year, making it less likely that offshore financial accounts will go unnoticed by the IRS.