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Archive by Month: February 2017

The Swiss Bank Program is Winding Down

Offshore Account Update

Posted on February 24, 2017

The Internal Revenue Service and the Department of Justice have been working hard to crack down on tax evasion. U.S. affiliated individuals and business entities are supposed to report the existence of all offshore accounts and are required to pay taxes on offshore income. For a long time, the Swiss banking industry made it easy for U.S. investors not to comply with the rules. However, after diplomatic negotiations with Switzerland, a program called the Swiss Bank Program was launched to ensure U.S. taxing authorities could get the information needed to find tax evaders.

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