We previously posted on Wednesday, April 2, 2014, Your Swiss Bank Info Is Being Transferred To The US Govt As We Speak! ... This Is Not An April Fools Joke! where we discussed that The United States Justice Department has received 106 requests from Swiss entities to participate in a settlement program aimed at ending a long-running probe of tax-dodging by Americans using Swiss bank accounts according to a senior US official.
To make matters worse for US tax dodgers ... if that is even possible ... Swiss Parliament has approved a legal amendment that tax evaders will not always have to be told if Switzerland sends information about them to other countries. The move further loosens Swiss banking secrecy laws in order to avoid a global backlash.
So the reality call for all you US Citizens and residents with a unreported income from foreign banks is as follows:
- If your account is with one of 106 Swiss Banks, then your information is probably already on its way to the IRS on or before April 30, 2014!
- If your account is with another Swiss Bank, you are probably already received notification that as of July 1, 2014, your account information will be turned over to the IRS, pursuant to FATCA and
- If you're not with the Swiss bank your information, as of July 1, 2014, your account information will be turned over to the IRS, pursuant to FATCA
US taxpayers who have unreported income from Swiss bank accounts may now want to consider applying for the US Offshore Voluntary Disclosure Program (OVDP), which sets a limit to the penalties imposed on them by the Internal Revenue Service (IRS) for failing to declare foreign assets and earnings.
However, once the Swiss banks disclosed an account holder's name to the IRS, which 106 of them y must do by no later than April 30, 2014; the OVDP option is no longer available to that US Taxpayer Account Holder.
The US Can Use Swiss Data for Law Enforcement Actions!
The new agreement makes clear that “personal data provided by the Swiss banks… will be used and disclosed only for purposes of law enforcement (which may include regulatory action) in the United States or as otherwise permitted by US law.”
Have Un-Reported Income From a Swiss Bank?
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