Higher penalties await those who have not successfully filed under the OVDP or the IRS Streamlined Domestic Offshore Procedures. Today, August 4, the IRS will move forward with plans to pursue higher penalties (50%) with US taxpayers that have accounts with several financial institutions and facilitators it named earlier this summer including (but not limited to):

  • UBS AG
  • Credit Suisse AG, Credit Suisse Fides, and Clariden Leu Ltd.
  • Zurcher Kantonalbank
  • swisspartners Investment Network AG, swisspartners Wealth Management AG, swisspartners Insurance Company SPC Ltd., and swisspartners Versicherung AG
  • CIBC FirstCaribbean International Bank Limited, its predecessors, subsidiaries, and affiliates
  • Stanford International Bank, Ltd., Stanford Group Company, and Stanford Trust Company, Ltd.
  • The Hong Kong and Shanghai Banking Corporation Limited in India (HSBC India)

If you are a US taxpayer or expatriate with unreported or under-reported offshore assets or accounts and have not submitted applications under the IRS OVDP program, or the IRS Streamlined Domestic Offshore Procedures you need to contact us immediately for a free consultation at 866-631-3470. Our conversations will be protected by attorney-client privilege and we will discuss your present situation and all potential options to protect your interests and bring you into compliance.


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