Recently, Swiss banking institutions have been sending letters to US citizens and Californians who have deposits or assets in Swiss bank accounts, urging them to immediately apply for the IRS’ OVDP program. The Offshore Voluntary Disclosure Program, or OVDP, is one option, but it is not the best option for many US taxpayers. How will you know what to do? If you simply sign the authorization form in the two places noted and send it back you may be admitting guilt and agreeing to a penalty of up to 27.5% of the highest balance amount in your Swiss account over the past 8 years! How could this possibly be in your best interest? It may not be. If there is criminal tax liability on your part we might consider it. If you receive a letter from your Swiss financial institution recommending the IRS’ OVDP program I recommend that you call us immediately at 866-631-3470 for a free consultation. Your information will be protected by attorney-client privilege. As an experienced tax attorney I will be able to advise you as to the appropriate actions to take, and when to take them, while protecting you and your financial information.
