Even though only 130 names are being turned over at present, more client data will likely be requested in the near future.
Boston, MA (PRWEB) November 19, 2011
Credit Suisse, Switzerland's second-largest bank, is currently in the process of turning over client data on 130 Americans with undisclosed offshore accounts to the Internal Revenue Service (IRS), according to the Guardian. 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 is one step forward for the IRS in attaining information regarding certain accounts associated with U.S. persons who are believed to have evaded taxes through undisclosed offshore accounts.
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 the future actions by this bank may alter this perception and U.S. Taxpayer information may be disclosed to U.S. Government agencies and the Internal Revenue Service.” Mr. Thorn continues, “Even though only 130 names are being turned over at present, more client data will likely be requested in the near future. Clients with undisclosed offshore accounts should make a voluntary disclosure immediately to avoid extreme civil and even potential criminal penalties.”
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.
For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 617-692-2989 or visit us at http://www.boston-tax-lawyer.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