More FATCA Letters, As Swiss And Other Foreign Banks Crack Down
ByIf you are American and have a non-U.S. bank account, chances are that you’ve received a letter from your bank asking for your tax details. It may seem odd that banks everywhere want to know if you are compliant with the IRS. But for the U.S. government, that’s the beauty of FATCA. The entire world is helping the IRS.
Meanwhile, the IRS has updated its list of the foreign banks where offshore accounts trigger a 50% (rather than 27.5%) penalty in the IRS’s long running Offshore Voluntary Disclosure Program (OVDP). In December 2014, the IRS added Sovereign Management & Legal, Ltd., plus certain branches of Bank Leumi. In March 2015, the IRS added BSI SA. Now, the IRS has addedVadian, a tiny Swiss bank that has just finalized its deal with the Justice Department…
More FATCA Letters, As Swiss And Other Foreign Banks Crack Down
