U.S. taxpayers with undisclosed Swiss accounts are being disclosed by Swiss banks. In addition, U.S. Taxpayers with recently closed Swiss accounts that were undisclosed will be reported to the IRS too. American Taxpayer account information is being disclosed because some Swiss Banks are participating in the IRS Voluntary Disclosure Program for banks. The Swiss banks that are entering the Voluntary Disclosure Program are trying to avoid severe penalties, criminal prosecution and/or criminal investigation. 

Swiss banks have been sending letters to United States Taxpayers with undisclosed Swiss bank accounts to inform them that they should come forward and reveal their undisclosed overseas Swiss bank accounts to the IRS. In addition, U.S. Taxpayers with recently closed Swiss accounts that were undisclosed will be reported to the IRS. American Taxpayer account information is being revealed because some Swiss Banks are participating in the IRS Voluntary Disclosure Program for banks. The Swiss banks that are entering the Voluntary Disclosure Program are trying to avoid severe penalties, criminal prosecution and/or criminal investigation.