IRS Investigates Credit Suisse Bank


In another case of suspected tax evasion using offshore bank accounts, the IRS has launched an investigation into another Swiss bank, Credit Suisse, much like it did with UBS Bank of Switzerland about two years ago. The question is what will happen to American taxpayers who have not disclosed their offshore accounts. History is likely to repeat itself and Credit Suisse will have to hand over the names of their clients suspected of tax evasion to the IRS.

In light of these developments, it is advisable for all US taxpayers with undisclosed offshore bank accounts (whether in Credit Suisse or not), to participate in the IRS’ Offshore Voluntary Disclosure Initiative (OVDI) and to do it in the next few weeks before the program ends.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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