News & Events

The Internal Revenue Service (IRS) and the Department of Justice (DOJ) have expanded their investigations of U.S. taxpayers with undisclosed offshore bank accounts; the latest focus is on the Cayman Islands. The sting in the past week in the Cayman Islands should serve as a warning to any U.S. Taxpayer with an undisclosed offshore bank account.

Swiss banks are disclosing detailed information about U.S. taxpayers with undisclosed Swiss accounts. Also, recently closed Swiss accounts that any U.S. Taxpayer did not disclose will also be revealed in detail to the Department of Justice, (DOJ) and the Internal Revenue Service (IRS).  The disclosure of U.S. taxpayer undisclosed Swiss account information is occurring because some of the banks in Switzerland are taking part in the IRS’ Voluntary Disclosure Program for banks.  The Swiss banks that are partaking in this Voluntary Disclosure Program are trying to avoid criminal prosecution and/or criminal investigation.