Credit Suisse AG, the second largest bank of Switzerland, has notified some of its U.S. clients that it will disclose their identities and account details to the Internal Revenue Service.

The IRS is reminding taxpayers that the deadline for the 2011 Offshore Voluntary Disclosure Initiative (OVDI) will expire on August 31, 2011.

Indian-Americans seek review of FBAR rules and the IRS’ 2011 Offshore Voluntary Disclosure Initiative.

In Notice 2011-54, the IRS has extended the deadline for persons who have signature authority over, but no financial interest in, foreign financial accounts to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). They now have until November 1, 2011, to report their signature authority over such accounts during 2009 and earlier years. The deadline for 2010, however, remains unchanged at June 30, 2011.

IRS Posts New Frequently Asked Questions for the 2011 OVDI Program

U.S. government decided to prosecute a taxpayer who made a so-called “quiet disclosure” of his offshore account at HSBC.

On April 7, 2011, the U.S. Justice Department asked a federal district court in San Francisco to force HSBC USA to disclose the names of their U.S. customers suspected of having secret bank accounts in India.

The IRS issued a new notice, Notice 2001-31, providing guidance to taxpayers on how they should answer questions on their 2010 federal income tax and information returns relating to foreign financial accounts (FFAs).

After announcing a new offshore account amnesty on February 8, 2011, the IRS began to provide more information about the program. You can read Frequently Asked Questions and Answers published by the IRS here: 2011 Offshore Voluntary Disclosure Initiative Frequently Asked Questions and Answers.

The IRS also published the forms and documents to be used in the disclosure process. You can find the documents here: 2011 Offshore Voluntary Disclosure Initiative Documents and Forms.

On Tuesday, February 8, 2011, the Internal Revenue Service announced a new amnesty program for taxpayers with hidden offshore bank accounts. The new Voluntary Disclosure Initiative is intended to bring people with unreported offshore income and undisclosed offshore accounts back into compliance.