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German Investigation of Credit Suisse

The United States has recently launched investigations of banks such as HSBC and UBS, preparing to take civil and criminal action against Americans with offshore accounts who fail to pay required U.S. taxes. Germany appears to be following the U.S. lead regarding enforcement in the area of undisclosed offshore accounts and unreported offshore income.

In July, German authorities raided 13 Credit Suisse branches in an effort to target and investigate Credit Suisse staff suspected of advising clients on how to evade taxes through the use of offshore accounts. The raids on the second largest Swiss bank were instigated by German authorities who, earlier this year, acquired information that lead to the opening of investigations on wealthy Credit Suisse account holders.

The investigators hope to spur a large-scale movement through international tax authorities to diminish tax evasion worldwide through the use of Swiss private banks. If you hold an international bank account and are concerned about your tax liability, contact an experienced attorney as soon as possible.

At Brown, PC, attorney Lawrence Brown is a former Justice Department Tax Division trial attorney with over 20 years of experience handling tax controversies. Mr. Brown has tried more than 500 cases to verdict and has tried over 100 cases before a jury, building the knowledge, experience and skill to achieve favorable outcomes for clients facing involvement in investigation of offshore or foreign bank accounts.

U.S. Actions Against the Use of Offshore Accounts

It is clear that the United States and other major industrialized nations are focusing more resources on stopping international tax evasion through the use of offshore accounts. The gold standard in the area of banking secrecy (Swiss banking) has been cracked by the United States in the UBS case. The United States has forced UBS to turn over names of account holders. The U.S. is also investigating other major offshore banks including HSBC.

The Voluntary Disclosure Program

The Internal Revenue Service has created the IRS Offshore Settlement Initiative Voluntary Disclosure Program. This amnesty program is designed to encourage taxpayers to come forward and disclose money in offshore accounts. Although the deadline for entry into the amnesty program has passed, there are a number of strategies available to avoid prosecution of and limit civil liability for holders of previously undisclosed offshore accounts.

Individuals who have disclosed the existence of offshore accounts through the IRS Voluntary Disclosure Program have nothing to worry about. If you hold an offshore account that you have not previously disclosed, and you have not reported the income there from, seek legal advice as soon as possible.

Contact a Nationwide IRS Tax Attorney

Contact Brown, PC, by calling 817-870-0025 or toll free at 888-870-0025. You may also contact us online to schedule a confidential consultation with a lawyer at our Dallas-Fort Worth, Texas, or our Washington, D.C. locations.  We represent both national and international clients.