Swiss Government Offers U.S. Settlement To Resolve Tax Evasion AllegationsOffshore Account Update
Posted in on August 14, 2011
The Swiss Government recently proposed a multibillion-dollar settlement to U.S. authorities, likely to reach $10 billion or more. This settlement was proposed to remedy pending investigations and allegations regarding the potential involvement of Swiss banks in encouraging U.S. clients to commit tax evasion through undisclosed offshore accounts. The settlement is expected to cover all Swiss Banks, approximately 355 banks, including Credit Suisse.
Switzerland is still deep in negotiations regarding the terms of their proposal, however the Department of Justice and Internal Revenue Service have made it clear that they will not entertain any agreements that do not involve the turn-over of client names and tax information concerning the Americans with undisclosed offshore accounts.
U.S. Taxpayers with undisclosed offshore accounts maintained through any Swiss Bank, especially Credit Suisse, should come forward now through the IRS’s traditional Voluntary Disclosure Program in order to avoid criminal and/or civil penalties that could potentially arise through these settlement negotiations.
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!