Swiss Bank Prosecuted Using Growing IRS Database of Offshore Information

This prosecution is an example of how the U.S. government is using its expanding database of information collected from whistleblowers, foreign governments, advisors, banks and over 30,000 U.S. taxpayers who have already come clean.

Swiss bank Wegelin is charged with helping U.S. Taxpayers hide over $1 billion from the IRS.  Any deal Wegelin makes to avoid prosecution will likely include giving up the names of more U.S. citizens and green card holders that will in turn lead to more investigations.  Once the IRS has the name of a U.S. citizen or green card holder in connection with an offshore account, that taxpayer no longer qualifies to participate in the limited amnesty known as the Offshore Voluntary Disclosure Program…

Click here to read more about the recently reopened IRS amnesty for unreported offshore activities.

See:  Swiss Bank Wegelin Charged in U.S. With Aiding Tax Evasion – Bloomberg