Swiss Bank, Julius Baer Group, announced yesterday that it may face financial penalties in the face of allegations that it helped its American clients cheat on their United States taxes (read the article here with the Associated Press). This marks the newest development in the US government’s recent trend of cracking down on possible tax violators. At least 10 other Swiss banks, including Wegelin & Co, Credit Suisse and Basler Kantonalbank have been pressured by the U.S. to identify tax-evading American customers and the tax and banking professionals that aided them.
In a time where U.S. tax revenue is falling short of budget demands, the government cannot afford to have tax cheats shielded by Swiss banks. As a rule, the IRS doles out more lenient penalties to individuals that come forward voluntarily and become compliant with US law on unreported foreign income, bank accounts, entities, and other assets than those whom the government needs to seek out itself.
If you need assistance with foreign bank account reporting, M Robinson and Company, PC specializes in assisting our clients accurately report FBARs, guiding them through the Offshore Voluntary Disclosure Initiative (renewed January 9th of this year) and many other tax issues. The government has made it clear that this is an area of tax crime that it is planning tp pursue in the upcoming months. Having experienced tax attorneys on your side will help you minimize what you owe to the IRS.