Experienced Tax Attorneys


Call Us Confidentially Now: 202-349-4033


Call us confidentially now:
202-349-4033


Confidential & Experienced Tax Lawyers

Get Help Now: 202-349-4033

News & Events

German Authorities Get Closer to Obtaining Credit Suisse Client Information on Undisclosed Offshore Accounts

Posted in Offshore Account Update on July 15, 2010 | Share

German authorities raided 13 Credit Suisse branches, on July 14, 2010, in an effort to target and investigate Credit Suisse staff suspected of advising clients on how to evade taxes.  The raids on the second largest Swiss bank were instigated by German authorities, who earlier this year, acquired information that led to the opening of investigations on wealthy Credit Suisse account holders. 
 
These investigators hope to spur a large-scale movement through international tax authorities to diminish tax evasion within Swiss private banks.  Other countries are following Germany’s lead in an effort to boost tax revenue where there are millions of unpaid taxes due. 

Tax authorities have previously urged Swiss bank account holders to come forward and maintain current compliance where they have tax responsibilities.  While many have done so, there are still hundreds of account holders who have yet to disclose their information. 
  
Based on frequently occurring investigations, it seems more likely that UBS account holders that have not come forward will be investigated by the Criminal Investigation Division of the Internal Revenue Service and will potentially face criminal charges and severe civil sanctions. 

Prosecution and sanctions are not limited to U.S. taxpayers who failed to disclose UBS accounts.   The U.S. government has been very vocal about pursuing U.S. taxpayers at other foreign banking institutions as well.   Sources within the U.S. government have indicated that agreements similar to the very public one with UBS have been or are in the process of being completed with foreign banks in Switzerland and other countries.  We urge foreign account holders to come in compliance through voluntary disclosures if they have not done so already.


Thorn Law Group

Get Trusted Help Now

Over 80 years of expertise for your complicated tax law issues.

Back to the Top

Hear What Our Clients Have To Say

"Kevin E. Thorn and the tax attorneys at Thorn Law Group are exceptional. When I came to them, I had just received a letter from the Department of Justice concerning an undisclosed bank account at a Swiss bank. I thought I was going to go to jail and lose everything I had worked for just because my family and my business are international. Mr. Thorn's knowledge of the tax laws and his skills in presenting my situation to the IRS and Department of Justice proved superior!"
Emma Zdon