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If you are caught for evading tax by the IRS you could be penalized not just on your earnings from the account but for the undisclosed balance you maintain every year. There are chances that the penalties could be much higher than your account balances. The penalty can be charged on 50% of your highest balance every year or $100,000 per year. One could also be charged under criminal jurisdiction for tax evasion and could thus be subject to a prison term of up to five years and a fine of up to $250,000 or less depending on the violations and charges.
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