The IRS’ Voluntary Disclosure Program is still open. If you are an American Taxpayer and have an undisclosed overseas account, the Internal Revenue Service (IRS) could obtain the account information from any overseas bank that is cooperating with them.

Letters from Swiss banks are being sent to U.S. Taxpayers with undisclosed offshore accounts. These letters are encouraging American taxpayers to come forward and declare their undisclosed offshore accounts or be closed out.

United States Taxpayers with undisclosed offshore bank accounts in the Cayman Islands are the latest targets of the ongoing investigations of the Department of Justice (DOJ) and Internal Revenue Service (IRS). The covert operation this past week in the Cayman Islands should be a warning to any U.S. Taxpayer with an undisclosed offshore bank account.

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.