Swiss banks are disclosing detailed information about U.S. taxpayers with undisclosed Swiss accounts. Also, recently closed Swiss accounts that any U.S. Taxpayer did not disclose will also be revealed in detail to the Department of Justice, (DOJ) and the Internal Revenue Service (IRS).  The disclosure of U.S. taxpayer undisclosed Swiss account information is occurring because some of the banks in Switzerland are taking part in the IRS’ Voluntary Disclosure Program for banks.  The Swiss banks that are partaking in this Voluntary Disclosure Program are trying to avoid criminal prosecution and/or criminal investigation.

U.S. Taxpayers with undisclosed Swiss accounts that have been sent letters by Swiss Banks should know that the Swiss Banks will potentially provide information about U.S. Taxpayers with undisclosed Swiss bank accounts to the IRS. This disclosure of U.S. taxpayer account information is happening because some of the banks in Switzerland are joining the IRS Voluntary Disclosure Program for banks.  The Swiss banks that are entering into the IRS Voluntary Disclosure Program are trying to avoid criminal prosecution and/or investigation.