FOR IMMEDIATE RELEASE
Another Swiss Bank Exposes Unreported Off-Shore Account Holders to the IRS
With Credit Suisse reporting offshore bank accounts to the IRS, leading tax relief firm Tax Resolution Services, Co. advises non-compliant offshore account holders to come clean NOW or ELSE!
Encino, CA - November 2011 -- Credit Suisse Group AG announced Tuesday, November 8, 2011 that
it was handing over to the IRS the names of offshore bank account holders suspected of tax
evasion. Responding to the urgency of this information, Tax Resolution Services, Co. (TRS) the
nation's leading tax relief firm, is advising offshore bank account holders who missed the
recent tax amnesty deadline (for voluntary disclosure) that they can still get tax
help, but need to act now. Offshore bank account holders who have not disclosed funds to
the IRS shouldn't feel discouraged, knowing that it's better late than never to report
undisclosed accounts to the IRS. However, it is critical to report undisclosed
offshore accounts with support of certified tax resolution specialist or tax attorney
with expertise in offshore FBAR (Foreign Bank and Financial Accounts) regulations to stand
a better chance of a reduction of the severe IRS penalties levied on undeclared funds
in overseas bank accounts.
Credit Suisse, the second largest bank in Switzerland, followed UBS's lead and handed
over client account details; the second Swiss bank to do so in the last two years. This
action demonstrates how banks worldwide are caving under IRS pressure to collect from
institutions it believes are sheltering taxes from wealthy American citizens. News
agencies such as Reuters, Bloomberg and the Wall Street Journal reporting on the
Credit Suisse announcement all commented on the aggressive nature of recent
US tax collection attempts and quite possibly this as the beginning of the end of tax havens.
Tax Resolution Services, Co., Founder and CEO, Michael Rozbruch advises clients
with off-shore holdings that it's always better to report income to the IRS
than try to hide it, late or not. "As the latest crackdown regarding offshore
bank accounts shows, no one is safe from IRS reach - they're more motivated
than ever to investigate and force into compliance wealthy individuals, both
at home and overseas. It is imperative for those individuals who have not
already reported, to do so now, because doing nothing has them looking at
severe fines, penalties and possible criminal prosecution and indictment" states Rozbruch.
Americans commonly hold foreign bank accounts, especially if they conduct business
internationally and must report all income from both domestic and foreign sources
on their U.S. Tax Forms. Those who have a financial interest in or signature
authority over foreign accounts are required to file a Report of Foreign Bank
and Financial Accounts (FBAR) form if the combined value of their financial
accounts exceeds $10,000 during the calendar year. Not adhering to these
rules and regulations can find an unwitting taxpayer in trouble with the IRS.
"Offshore account holders must understand the requirements for foreign bank accounts
and follow procedures to ensure they get favorable treatment from the IRS" states
Rozbruch. "Having an expert can save time, headache, money and possible
jail time. Coming forward before the IRS is not something you do alone especially
in cases regarding off-shore tax evasion; they're complicated and the stakes are
just too high to properly present your case. A tax attorney, tax resolution
specialist or CPA, takes over all communications with the IRS for you, makes
the required disclosures, files FBAR reports and amends tax returns typically
for 2003 through 2008" emphasizes Rozbruch.
Credit Suisse may be the latest bank to concede to U.S. Government's efforts to
collect from tax evaders, but is not likely the last. The need for expert
tax help to safely and securely navigate the treacherous waters of IRS
compliance is highly emphasized as more financial institutions give in
to IRS pressure to expose their tax shelters.
To learn more about Tax Resolution Services' support services in reporting
offshore bank accounts, visit http://www.taxresolution.com/IRS-offshore-accounts-tax-settlements.asp.
Tax Resolution Services, Co.®, the nation's leading experts in tax negotiation
and mediation®, is dedicated to providing affordable solutions to businesses
and individuals alike who find themselves in trouble with the IRS. For more
information or to receive a FREE tax relief consultation, visit www.TaxResolution.com or call 888-851-5894.