December 29, 2011 (Press-News.org) In an effort to resolve a dispute with the United States government, Swiss bank Credit Suisse will lift the veil of secrecy shrouding its bank accounts. This action could result in potentially severe consequences for many Americans.
Switzerland's second largest bank is being investigated by the United States government for possibly helping U.S. citizens evade taxes through "secret" accounts. The bank will turn over previously confidential account information such as client names and account information to the Swiss Federal Tax Administration, who, at its discretion, will provide this information to the Internal Revenue Service (IRS). Problems for American taxpayers may arise if these international accounts have not been reported to the IRS.
In recent years, the IRS has offered amnesty programs to taxpayers who have failed to disclose a foreign (or offshore) bank account on the foreign bank account reporting (FBAR). The amnesty programs allowed taxpayers to face lessened penalties if they voluntarily disclosed their unreported accounts. Taxpayers are required to file an FBAR if they have $10,000 or more in a foreign account.
Penalties for Failure to Disclose Accounts
American's with yet-to-be disclosed Credit Suisse accounts, or accounts with other foreign financial institutions, could risk facing severe civil and criminal penalties for failing to properly report these accounts.
Even if taxpayers have yet to report foreign accounts, they may still be able to do so through the IRS's voluntary disclosure procedures. Even though the IRS' amnesty programs have ended, voluntarily disclosing account information may help taxpayers mitigate potential penalties and avoid criminal prosecution. Taxpayers that hold unreported foreign financial accounts, especially Credit Suisse accounts, should speak with an experienced tax attorney as soon as possible to discuss all legal options.
Article provided by Law Offices of Jeffrey S Freeman
Visit us at www.freemantaxlaw.com
Not So Secret Swiss Bank Accounts
In an effort to resolve a dispute with the United States government, Swiss bank Credit Suisse will lift the veil of secrecy shrouding its bank accounts. This action could result in potentially severe consequences for many Americans.
2011-12-29
ELSE PRESS RELEASES FROM THIS DATE:
SSDI a Useful Resource for Workers Disabled by Heart Disease
2011-12-29
Coronary heart disease is the number one killer of Americans, accounting for one million deaths each year. A heart disease diagnosis can be crippling to someone whose family relies on his or her income to make ends meet. Often, heart disease renders a patient unable to work due to the strain it puts on its victim's everyday life.
A heart condition does not necessarily lead to economic ruin, however. There are financial resources available to people with heart disease, and one of the most beneficial is Social Security Disability Insurance (SSDI).
SSDI is income available ...
Recent Decision May Limit Liability in Some Drunk Driving Cases
2011-12-29
The Texas courts issued a decision recently that could limit the liability of car owners when they loan their vehicles to other individuals who operate them while intoxicated.
In G & H Towing v. Magee, the adult children of a couple killed by a drunk driver in a borrowed car sued the owner of the car for damages on a theory of negligent entrustment. The plaintiffs alleged that the owner had been negligent in allowing the vehicle to be used in a dangerous manner.
The car's owner, William Colson, worked with the driver, Joseph Violante, on a tugboat where the two ...
Obama Administration Ups Enforcement Against Alleged Healthcare Fraud
2011-12-29
A number of large federal health care programs have been vulnerable to fraud for years. Although there is no way to accurately measure the exact financial impact of undetected fraud, officials estimate that abuses of health care initiatives cost billions of dollars every year.
In the current climate of slow economic growth and tight government budgets, officials are making concentrated efforts to trim waste. For the Obama administration, this means taking a hard line on health care fraud. New enforcement measures have resulted in a significant number of fines, penalties ...
Global Banking and Finance Review Awards 2011
2011-12-29
Global Baking & Finance Review has rewarded those banks and financial institutions who have exceptionally achieved results and who stand out in their particular area of expertise in the banking and finance industry.
The awards have become a benchmark for performance and reliability within the banking and finance world and provide an accurate indicator of the leading organizations in this world.
The awards recognize achievement, challenge, progress and inspirational changes within the world of finance across the planet. Global Banking & Finance Review will ...
After 3 Years, Reese On The Radio Returns Online
2011-12-29
He was fired, arrested and put on trial. His entire world rocked by false allegations and now he's back! Reese Hopkins returns on January 3, 2012 via www.BlogTalkRadio.com with "Reese On The Radio". A 3 hour weeknight program that can be heard live and listeners can call in to be a part of the show.
BlogTalkRadio is the largest and fastest growing online talk radio network. A truly democratized medium, BlogTalkRadio has tens of thousands of hosts and millions of listeners tuning in and joining the conversation each month.
"My new show will be much ...
Boardman and Lathrop Partners Form New Firm
2011-12-29
The partners of two well-known Madison, Wisconsin area law firms, Boardman, Suhr, Curry & Field LLP and Lathrop & Clark LLP, have announced that they are forming a new partnership as of January 1, 2012. The new firm, Boardman & Clark LLP, will have nearly 70 lawyers, making it the second largest Madison-based law firm.
"It's a natural fit - both firms are committed to providing the highest quality legal services, with the highest ethical standards. We will enhance the strengths of both firms by joining together," said James Bartzen, who will chair ...
E-Cigarettes are the Future of Smoking in America
2011-12-29
There is a different way to get that hit of nicotine without hurting yourself and those around you according to prominent harm reduction specialists like Bill Godshall of Smoke Free Pennsylvania. It's called an e-cigarette and it is the future of smoking in America.
A study by researchers at the Boston University School of Public Health in 2010 concluded that electronic cigarettes were safer than real cigarettes. In the report, the level of carcinogens in electronic cigarettes was found to be up to 1,000 times lower than regular cigarettes.
An e-cigarette can deliver ...
Yun Fitness Bootcamps Launches Fitness Revolution Small Group Training Program
2011-12-27
"Fitness Revolution will help you reach the best body you've ever had—guaranteed!" promises body transformation expert Jason Yun. "We will help you get more energy than you know what to do with and teach you the strategies you need to look better naked."
Locations and time slots for this innovative, small-group training program are available in both Hilliard and Reynoldsburg. Fitness Revolution trainers guide participants step-by-step through an amazing transformation of both their bodies and their lifestyles. Each group is limited to a maximum number ...
12/27/11 Wellness, Wholeness & Wisdom Radio Host, Psychologist Parthenia Izzard, CNHP & Stuart Wilde live- The world won't end in 2012...author of Grace, Gaia, and the End of Days & more.
2011-12-27
Every Tuesday, Wednesday, and Thursday evening at 8:00 PM eastern time, you can listen to Wellness, Wholeness & Wisdom radio with host Psychologist Parthenia Izzard, CNHP on BlogTalkRadio. The program is archived within minutes of the live broadcast on the internet and rebroadcast. On your computer go to http://www.amtherapies.com and click on the Radio link to listen to the show live online or on your phone! Program topics range from authors like Bishop Jordan, James Redfield, Immaculee Ilibagiza, and William Tiller to owners of products like Rishi Teas, and Dr. Kracker. ...
A First for Japan: Sanriku Oyster Producers, Distributor Join Forces and Incorporate (Wagaki Inc.)
2011-12-27
Oyster producers who survived the March 11 Great East Japan Earthquake and Tsunami have teamed up with a local oyster marketing and sales firm to produce and distribute deluxe quality oysters. This tie-up is Japan's first official collaboration between multiple oyster producers and a private company.
Hiroaki Saito, the president of iLINK Inc. (please see end of release for details), who initiated the Save Sanriku Oysters project, has joined hands with 19 oyster producers, including 3 representatives hailing from key production areas in Miyagi (Mangokuura in Ishinomaki, ...
LAST 30 PRESS RELEASES:
AERA announces 2025 award winners in education research
New platform leverages AI and quantum computing to predict salmonella antimicrobial resistance
Transplanting Posidonia oceanica: a major scientific advance for the conservation of seagrass meadows
Patients' experience of healthcare should be a greater part of assessing quality
Tsinghua University Press and ResearchGate expand Journal Home partnership
Therapy-related b-lymphoblastic leukemia following treatment for multiple myeloma with unusual surface light chain expression: a case report
Poo-romising frontier in fecal microbiota transplantation
A new approach to differentiating large granular lymphocytic leukemias and their mimics in light of current updates in the 5th Edition of the WHO Classification
Simple and cost-effective reporter assay for evaluating chemical-induced epigenetic changes
Scientists say the “plant world” needs to come out and claim its place at the One Health table
A new tool to improve lives after brain injury is underway at The University of Texas at San Antonio
Guinea pigs: A promising animal model to study the human embryo
The rise of "gut feelings" in US political rhetoric
How mothers adapt to the metabolic demands of nursing
Caspian Sea decline threatens endangered seals, coastal communities and industry
Landmark study identifies new genetic cause of neurodevelopmental disorders, bringing long-awaited answers to families
Scientists create “metal detector” to hunt down tumors
New USC study identifies key brain networks behind post-stroke urinary incontinence
Hidden potential in multiple disabilities
How to protect bumblebee colonies safe from killer moths? Keep honeybee hives away from them
Rolling particles make suspensions more fluid
Research fine tunes tools used to search for genetic causes of asthma
Meditation and critical thinking are the ‘key to meaningful AI use’
Studies shows new class of antibiotic is effective in tackling MRSA
Certain nasal bacteria may boost the risk for COVID-19 infection, study finds
Europe's population is adapting better to cold than to heat
Ancient tools from a South African cave reveal connections between prehistoric people
World’s first birth following conception with a fully automated remotely operated ICSI system
Girls’ education projects succeed when whole communities ‘live the change’ and carry it forward
European bird declines linked to range of climatic conditions experienced
[Press-News.org] Not So Secret Swiss Bank AccountsIn an effort to resolve a dispute with the United States government, Swiss bank Credit Suisse will lift the veil of secrecy shrouding its bank accounts. This action could result in potentially severe consequences for many Americans.