As 2016 came to an end, you may have missed an announcement from the US Department of Justice. The Swiss Bank Program that started in the summer of 2013 has officially been completed.
The global media has about exhausted the number of angles they can report on the so-called "Panama Papers." The leak has become synonymous with using offshore accounts and companies to avoid tax obligations.
With FATCA compliance on the horizon and the U.S. Program for Swiss Banks well underway, many U.S. taxpayers have been receiving letters from their banks requesting information about whether the accounts held at their institutions have been disclosed to the IRS and asking for permission to disclose relevant account information to the U.S. government. Receiving this letter is often a shock to U.S. taxpayers who may have never received any mail from the foreign financial institution, or who closed their accounts years ago and have not thought about it since.