Swiss Bank Account Information To Be Turned Over by Credit Suisse
The Swiss Federal Tax Authority (SFTA) has ordered Credit Suisse to submit offshore bank account information in response to an IRS request for assistance, according to a New York Times article. Credit Suisse has notified some of its offshore account holders by letter about the order. Apparently the order is not directly related to the IRS negotiations going on with approximately 11 Swiss banks to turnover the names of all of their U.S. clients. Instead, it appears from the New York Times article that these requests relate to individuals who the IRS already has reason to believe have foreign bank accounts. If that is the case then it may be too late for these individuals to file a voluntary disclosure with the IRS to attempt to escape criminal penalties.