When the IRS offers tax relief in any form, there should be no pause or hesitation. Some offshore bank account holders who did not come forward and disclose their holdings during one of the IRS voluntary disclosure initiatives are now receiving grand jury subpoenas requiring them to turn over their bank account information. If they don’t comply then they could be held in contempt of court which typically carries with it hefty fines and jail time. Of course, if they do comply, they may be turning over potentially damning evidence to federal prosecutors.
This is a relatively new backdoor tactic in the epic struggle between US prosecutors and foreign banks. Or perhaps this would more accurately be described as a front-door tactic because traditional investigative steps would involve the Justice Department working with the banks within the treaty process, not going directly to the bank patrons.
Anyone receiving a subpoena should immediately consult with an attorney. It is not usually something that can be dealt with alone.