The Swiss Bank Program provides an opportunity for banks that facilitated U.S. tax evasion to avoid being criminally prosecuted. The banks can come forward to voluntarily report their involvement with helping U.S. accountholders hide money offshore. While the banks will have to pay a fine, they won't face criminal penalties and the financial penalties will generally be much lower than if they did face criminal prosecution after an investigation by the Justice Department. The banks will, however, have to provide specific details about accounts and accountholders.
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Archive by Month: March 2016
Offshore banks are turning investors in for tax evasion, and the IRS and Department of Justice have become aggressive in enforcement activity for those with undeclared offshore funds. If you didn't file annual Reports of Foreign Bank and Financial Accounts (FBARs), the IRS could begin investigating you and could possibly consider criminal prosecution. That being the case, you're at risk of substantial financial penalties and other consequences.
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