Credit Suisse Likely to Turn Over Names: Undisclosed Offshore Account Holders

On July 14, 2011, Credit Suisse received a formal letter from the U.S. Department of Justice, stating that the U.S. agency has opened an investigation against the bank for improper offshore banking practices.  Now, sources believe that Credit Suisse will likely settle with prosecutors by admitting to aiding and abetting their U.S. clientele into committing tax evasion. The penalty against the bank could exceed over $1 billion. 

This settlement could have serious implications for those U.S. taxpayers who have maintained undisclosed offshore bank accounts with Credit Suisse.  Based on a similar course of action that  DOJ took with UBS, Credit Suisse is expected to enter into an agreement that will likely required the bank to turn over data on all U.S. taxpayers with undisclosed foreign bank accounts.

With only  “two weeks” remaining until the deadline for the IRS’s 2011 Amnesty Program, U.S. taxpayers with undisclosed offshore bank accounts held at Credit Suisse should contact an experienced tax attorney in order to limit their civil and criminal exposure.

The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through the 2011 IRS Voluntary Disclosure Program. If you have an undisclosed offshore account contact Thorn Law Group now before it's too late!