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 Internal Revenue Service announced that 12,000 new applications came in from the 2011 Offshore Voluntary Disclosure Initiative (OVDI) program that closed last week. This pushed the total to 30,000 since the program began in 2009.

The IRS has extends the deadline for the 2011 Offshore Voluntary Disclosure Intitiative (OVDI) to September 9, 2011 (from the original date of August 31, 2011). Further, the IRS has clarified what information needs to be provided by September 9, 2011, in the event that all the documents required under the OVDI are not ready to be provided by that date.

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

On Wednesday, July 6, 2011, the Swiss government adopted standards on banking secrecy laid out by the Organization for Economic Cooperation and Development, or OECD, which will allow foreign authorities to pursue citizens suspected of using hidden Swiss accounts for tax evasion.

The Department of Justice and the Internal Revenue Service (IRS) announced on June 28, 2011, that Dr. Arvind Ahuja of Wisconsin was indicted on four counts of willfully filing materially false tax returns and four counts of failing to file Reports of Foreign Bank and Financial Accounts (FBARs).

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

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.