United States and Switzerland sign agreement setting out the business-to-government approach to implementing the Foreign Account Tax Compliance ActNews
Posted in on February 15, 2013
United States and Switzerland signed agreement on February 14 setting out the business-to-government approach to implementing the Foreign Account Tax Compliance Act.
What does this mean for US taxpayers with undisclosed offshore bank accounts?
This marks a significant step forward in tax transparency and bridges the gap between Switzerland's strict bank secrecy laws and the obligations imposed on foreign financial institutions (FFIs) to provide information on U.S. accounts under FATCA.
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!