More Swiss Banks to Disclose Names to IRS

More Swiss Banks to Disclose Names to IRS

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Accounting Today reports that one of Switzerland’s oldest banks, Clariden Leu, has become the latest to cooperate with U.S. tax authorities in disclosing the names of American investors:

The bank has begun notifying some of its U.S. customers that it plans to reveal their names and account information to the Internal Revenue Service, according to Reuters.

The news follows on the heels of Credit Suisse notifying its U.S. customers of its intention to begin disclosing names after the IRS submitted a request to Swiss tax authorities (see Credit Suisse Plans to Disclose Accounts to IRS).

The IRS and the Justice Department have been pressuring the Swiss government, Credit Suisse, UBS and other Swiss banks to overturn centuries of banking secrecy tradition in an effort to curb offshore tax evasion.

The Swiss government agreed to disclose the identities of approximately 4,450 clients of UBS in 2009 after UBS signed a deferred prosecution agreement with the Justice Department under which it agreed to pay $780 million.

Several other Swiss banks, including Julius Baer and Basler Kantonalbank, have also reportedly come under investigation.

About Peter Pappas

Peter is a tax attorney and certified public acccountant with over 20 years experience helping taxpayers resolve their IRS and state tax problems.

He has represented thousands of taxpayers who have been experiencing difficulty dealing with the Internal Revenue Service or State tax officials.

He is a member of the American Association of Attorney-Certified Public Accountants, the Florida Bar Association and The Florida Institute of Certified Public Accountants and is admitted to practice before the United States Tax Court, the United States Supreme Court, U.S. District Courts - Middle District of Florida