Swiss Pressured to Reveal All Offshore Accounts

A recent article in Forbes, With Indictments, The IRS Will Get More Data From the Swiss stated that banks prosecuted by U.S. authorities moved money to smaller, discreet establishments such as Wegelin & Co.. Because of this, the U.S. authorities have stepped up their determination to go after IRS tax cheats and the banks that are hiding them, relentlessly. With large AND small banks like Wegelin & Co. facing indictments, it appears the whole Swiss Banking industry is beginning to soften when it comes to offshore disclosure. The entire Swiss banking industry is going to be forced to divulge its wealthy American clientele.

The success of the two voluntary offshore amnesty programs instituted by the IRS in 2009 has been instrumental as thousands came forward to disclose their account information in an attempt to lessen the severe IRS penalties they were facing. Since 2009, the amnesty programs have collected $4.4 billion dollars, so it’s clear the government is laser focused on those who have it and are hiding it; both account holder and banks.

Here is a glimpse of U.S. global intimidation of Swiss banks:

-Credit Suisse is the next target of federal prosecutors. Facing pressure from the Department of Justice, on September 11, 2011, the Swiss turned over statistical data on wealthy American account holders and informed these clients of the disclosure.

-Since then, Credit Suisse has now combined its Swiss based operations with U.S. onshore operation to show compliance. In December, all major Swiss banks including Credit Suisse were presented a deal that allowed them to avoid criminal prosecution in exchange for full disclosure on their offshore business practices. Most complied by submitting encrypted information.

-In the story of the Americans and the Swiss Bankers, it’s difficult to see where there can be a compromise between the most brutal collection agency and a secretive banking system. The Swiss however, are trying to find a balance as they realize, U.S. collection efforts will continue and intensify until all Americans with offshore holdings are accounted for and they don’t like that kind of pressure.

You cannot hide offshore bank accounts. It’s the law to disclose them to the IRS, it’s time to come clean, but have an advocate on your side. The IRS hires experts, so should you when it comes to offshore bank account disclosure. If you have unreported offshore accounts, there’s no better time to come clean. Get a certified tax resolution expert or tax attorney. But make sure they are a certified tax resolution specialist. This tax professional can help you negotiate an offshore tax settlement. You do not want to face offshore tax disclosure on your own.

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