On April 27, 2012, Credit Suisse Chief Executive Brady Dougan stated that Credit Suisse has provided U.S. investigators with the information related to U.S. account holders. Credit Suisse is one of 13 Swiss banks currently under investigation by U.S. tax authorities. A few weeks ago, Switzerland authorized its banks to hand over the names of professional employees, external wealth mangers, lawyers and trustees who have allegedly helped U.S. taxpayers to commit tax evasion by hiding their money in undisclosed offshore accounts. The release of this client data continues U.S. efforts to fight offshore tax evasion and bring new criminal cases against U.S. taxpayers with undisclosed offshore accounts. It also serves as another reminder that bank secrecy laws are now pretty much nonexistent.
We remind everyone that the IRS has reopened an Offshore Voluntary Disclosure Program, which allows taxpayers with undisclosed foreign accounts to report them and avoid criminal prosecution in exchange for certain penalties. We encourage those taxpayers who have previously undisclosed foreign accounts to consult with a tax attorney and discuss possible solutions.
Former IRS Trial Attorneys of Holtz, Slavett & Drabkinare available to assist you with the issues related to offshore assets and foreign accounts. To arrange for a consultations, please contact us at (310) 550-6200.
Copyright (c) 2012 Igor S. Drabkin. All Rights Reserved.