Category: US Reporting of Foreign Accounts

2014 Swiss Bank Disclosure of US Account-Holder Information (Including Now-Closed Accounts Back to 2008) – US Taxpayers Beware

In return for the US Department of Justice’s promise not to prosecute them, well over 100 Swiss banks have agreed to closely review and disclose identifying information on every US person who held an account at their bank at any

Offshore Account Disclosure Basics – Part 2: The IRS’ 2012 Offshore Voluntary Disclosure Program (OVDP)

Reader’s note: the Offshore Voluntary Disclosure Program closed in September 2018.  Individuals considering a voluntary disclosure of foreign account or asset noncompliance to the IRS should consider options including the Streamlined Foreign Offshore Procedures, the Streamlined Domestic Offshore Procedures, or

Offshore Account Disclosure Basics – Part 1: Secret or Undisclosed Foreign Accounts Are Secret No More

The End of Secret Offshore Banking At the start of our new millennium, banking secrecy in various havens around the world, notably Switzerland, appeared to be untouchable.  Yet just a few years later that secrecy is in tatters, with most

Swiss Banks Are Cooperating With the IRS in Disclosing Their US Accountholders. Act Before June 30, 2014 to Get Tax Amnesty and Avoid Huge Civil Penalties and Criminal Prosecution

If you are a US citizen, permanent resident or tax resident and your Swiss bank has requested that you disclose your account on the US Foreign Bank Account Report (FBAR) – or has requested information on your past or present