Washington, DC (PRWEB) November 11, 2011
Credit Suisse, Switzerland's second-largest bank, has begun notifying their U.S. clients with undisclosed offshore accounts that the Bank intends to turn-over client data to the Internal Revenue Service (IRS), according to Reuters News. Credit Suisse’s decision to hand-over client information was in response to a formal request by the IRS issued on November 2, 2011. This development may pressure the Swiss Government into finalizing a settlement with the U.S. in hopes of absolving all tax evasion allegations before U.S. agencies begin to formally request the information.
Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the U.S. and around the world with undisclosed offshore accounts states, “In the past, U.S. Taxpayer information has been protected by Swiss bank secrecy laws but the recent actions by Credit Suisse and their willingness to put these allegations behind them, may result in U.S. Taxpayer information being disclosed to the Internal Revenue Service and Department of Justice.” Mr. Thorn continues, “ With the potential disclosure of such information, U.S. taxpayers with undisclosed offshore accounts should come forward to avoid severe civil penalties and possible criminal exposure.”
Credit Suisse is not the only European bank being investigated by the U.S. government and this may be a continuation of the U.S. and its agencies to force banks around the world to cooperate and provide U.S. taxpayer information. Other banks believed to be under investigation, aside from the Swiss banking giant, Credit Suisse, include: HSBC Holdings Plc, Basler Kantonalbank, Wegelin & Co., Zuercher Kantonalbank, Julius Baer Group Ltd., Bank Leumi Le-Israel BM, Bank Hapoalim BM, Mizrahi-Tefahot Bank Ltd., Liechtensteinische Landesbank AG, and NZB AG.
Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore accounts to come forward through the IRS’s traditional Voluntary Disclosure Program before the banks turn-over information concerning their undisclosed offshore accounts.
For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 202-270-7273 or visit us at http://www.thorntaxlaw.com.
About Thorn Law Group, PLLC: Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.
Kevin E. Thorn,
Managing Partner Thorn Law Group, PLLC