Swiss Bank Frey closes it's doors: IRS Voluntary Disclosures to follow
Bank Frey is the latest Swiss bank to close its doors and leave many U.S. clients with disclosed and undisclosed offshore bank accounts out in the cold and wondering where to turn.
What happened? Last Thursday night the Shareholders of Bank Frey had a meeting, below is part of Bank Frey’s press release:
At the request of the Board of an extraordinary general meeting of shareholders of Bank Frey & Co., it has decided that the Bank Frey will cease trading. The decision is due to the increasingly difficult market conditions, rampant regulation and hardly to be borne more constraints to be met by smaller private banks including as a result of the tax dispute with the U.S.
What should U.S. individuals with undisclosed bank accounts do now?
Contact a tax litigation attorney and consider entering the IRS Voluntary Disclosure Program.
The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through the IRS Amnesty Program. If you have an undisclosed offshore account contact Thorn Law Group now before it's too late!