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:
Breathable yet protective: Next-gen medical textiles with micro/nano networks
Frequency-engineered MXene supercapacitors enable efficient pulse charging in TENG–SC hybrid systems
Developed an AI-based classification system for facial pigmented lesions
Achieving 20% efficiency in halogen-free organic solar cells via isomeric additive-mediated sequential processing
New book Terraglossia reclaims language, Country and culture
The most effective diabetes drugs don't reach enough patients yet
Breast cancer risk in younger women may be influenced by hormone therapy
Strategies for staying smoke-free after rehab
Commentary questions the potential benefit of levothyroxine treatment of mild hypothyroidism during pregnancy
Study projects over 14 million preventable deaths by 2030 if USAID defunding continues
New study reveals 33% gap in transplant access for UK’s poorest children
Dysregulated epigenetic memory in early embryos offers new clues to the inheritance of polycystic ovary syndrome (PCOS)
IVF and IUI pregnancy rates remain stable across Europe, despite an increasing uptake of single embryo transfer
It takes a village: Chimpanzee babies do better when their moms have social connections
From lab to market: how renewable polymers could transform medicine
Striking increase in obesity observed among youth between 2011 and 2023
No evidence that medications trigger microscopic colitis in older adults
NYUAD researchers find link between brain growth and mental health disorders
Aging-related inflammation is not universal across human populations, new study finds
University of Oregon to create national children’s mental health center with $11 million federal grant
Rare achievement: UTA undergrad publishes research
Fact or fiction? The ADHD info dilemma
Genetic ancestry linked to risk of severe dengue
Genomes reveal the Norwegian lemming as one of the youngest mammal species
Early birds get the burn: Monash study finds early bedtimes associated with more physical activity
Groundbreaking analysis provides day-by-day insight into prehistoric plankton’s capacity for change
Southern Ocean saltier, hotter and losing ice fast as decades-long trend unexpectedly reverses
Human fishing reshaped Caribbean reef food webs, 7000-year old exposed fossilized reefs reveal
Killer whales, kind gestures: Orcas offer food to humans in the wild
Hurricane ecology research reveals critical vulnerabilities of coastal ecosystems
[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.