Swiss Banks Give Into Pressure from U.S. Authorities and Turn Over Names of U.S. Accountholders with Undisclosed Foreign AccountsOffshore Updates
Posted in on August 17, 2012
Swiss banks recently received authorization from the Swiss government to turn over thousands of employee names to U.S. authorities.
Eleven Swiss banks are currently being investigated by U.S. authorities for their alleged role in helping U.S. clients evade taxes. Five of the eleven banks, to date, have supplied e-mails and telephone records to the U.S. Department of Justice (DOJ). This data contains as many as 10,000 names of U.S. persons with undisclosed offshore accounts and will give the DOJ ammunition as it begins opening criminal investigations into these U.S. taxpayers.
This is bad news for U.S. taxpayers with undisclosed accounts and now more than ever entering the IRS Amnesty Voluntary Disclosure process is the best course of action!
The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through the IRS Amnesty Program. If you have an undisclosed offshore account contact Thorn Law Group now before it's too late!