The Cayman Islands are the latest targets of ongoing Department of Justice (DOJ) and Internal Revenue Service (IRS) investigations of American taxpayers with undisclosed offshore bank accounts. The investigations of the past week in the Cayman Islands should serve as a warning to any U.S. Taxpayer with an undisclosed offshore bank account.

Swiss banks are continuing to send letters to U.S. Taxpayers with undisclosed Swiss accounts encouraging them to come forward and declare their undisclosed offshore accounts or be closed out.

If Credit Suisse reaches a deal with the Justice Department, the disclosure of U.S. Taxpayers undisclosed offshore account information would be part of the negotiations. This would also put into place the DOJ procedures of the investigations of banks in the future.

United States Taxpayers that have an undisclosed Swiss bank account or any other foreign undisclosed bank account in a bank that is cooperating with the U.S. Government, should know that the Internal Revenue Service (IRS) will be able to obtain the U.S. taxpayer information on the undisclosed foreign bank account at any time.

Swiss banks are continuing to send letters to U.S. Taxpayers with undisclosed Swiss accounts encouraging them to come forward and declare their undisclosed offshore accounts or be closed out.