From the Tax Law Offices of David W. Klasing - Another Foreign Bank Agrees to Provide Incriminating Information About U.S. FBAR Violators to DOJ

IRVINE, Calif., April 1, 2021 /PRNewswire/ -- According to a Department of Justice press release, another Swiss bank has entered into a deferred prosecution agreement with U.S. authorities and agreed to help in the investigation and prosecution of Americans who have failed to properly report their foreign bank accounts and related taxable foreign investment or business earnings under the Foreign Bank Account Reporting (FBAR) regime and U.S. income tax law. If you have a foreign bank account that has gone undeclared especially where a significant amount of related taxable offshore income went unreported, it is in your best interest to contact our dually licensed International Tax Attorneys and CPAs as soon as possible to discuss your options to come into compliance and avoid facing criminal tax and foreign information reporting prosecution.

Court records reveal that RAHN+BODMER CO., a financial institution headquartered in Zurich, Switzerland admitted to actively assisting Americans maintain secret foreign bank accounts that should have been reported on an annual basis as a part of the FBAR regime. Additionally, the bank admitted to helping Americans file false U.S. federal income tax returns omitting critical aspects of their foreign bank account ownership.

If you have a foreign bank account and have failed to disclose its existence and report related taxable offshore income, financial institutions like the defendant in the case above that have entered into deferred prosecution agreements will make it nearly impossible to avoid eventually being caught. Even in the absence of a deferred prosecution agreement the mere exitance of FACTA will eventually create similar risk. This means that banks around the world who enter FACTA or deferred prosecution agreements with the Justice Department have agreed to provide incriminating information about their U.S. customers. The good news is that there are still methods to come into compliance while virtually eliminating the risk of prosecution for offshore criminal tax evasion or foreign information reporting.

To talk to David W. Klasing about your case, call us at (800) 681-1295 for a confidential consultation on schedule online HERE. We represent clients nationally over IRS issues and in California for state issues.

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Public Contact:
Dave Klasing Esq.
M.S.-Tax CPA,
[email protected]

SOURCE Tax Law Offices of David W. Klasing, PC

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