Credit Suisse to Provide IRS with U.S. Client Names Suspected of Tax EvasionOffshore Account Update
Posted on August 14, 2011 | Share
Credit Suisse, Switzerland's second-largest bank, has begun notifying their U.S. clients with undisclosed offshore accounts that the Bank intends to turn-over client data to the Internal Revenue Service (IRS). Credit Suisse’s decision to hand-over client information was in response to a formal request by the IRS issued on November 2, 2011. This development may pressure the Swiss Government into finalizing a settlement with the U.S. in hopes of absolving all tax evasion allegations before U.S. agencies begin to formally request the information.
Now more than ever, U.S. Taxpayers with undisclosed offshore accounts, especially Credit Suisse, should come forward now through the IRS’s traditional Voluntary Disclosure Program in order to avoid criminal and/or civil penalties.
The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through the 2011 IRS Voluntary Disclosure Program. If you have an undisclosed offshore account contact Thorn Law Group now before it's too late!