San Diego and southern California residents with accounts in Rothschild Bank AG or Banca Credinvest SA should know that both Swiss banks recently entered into agreements with the US Department of Justice (DOJ) regarding American and US taxpayers and tax evasion. The DOJ’s recent press release notes that the two Swiss banks have reached resolution under the Departments Swiss Bank Program.
“The days of safely hiding behind shell corporations and numbered bank accounts are over,” said Acting Assistant Attorney General Caroline D. Ciraolo of the Department of Justice’s Tax Division. “As each additional bank signs up under the Swiss Bank Program, more and more information is flowing to the IRS agents and Justice Department prosecutors going after illegally concealed offshore accounts and the financial professionals who help U.S. taxpayers hide assets abroad.”
FATCA has forced foreign institutions and even sovereign tax authorities to provide detailed account information, financial data and associate these to US taxpayer identification numbers. Many insitutions have already been listed on the mandatory 50% penalty list by the IRS, and FBAR tax implications continue to mount for all US taxpayers with foreign bank accounts, investments and assets.
If you have foreign bank accounts, investments or assets you should contact us immediately for a free consultation at 866-631-3470.
