The tax-relief industry loves to make IRS problems sound impossible without them. They're not. I'm Darrin Mish. I've been representing taxpayers before the IRS for 32 years. Let me explain how this actually works.<\/p>\n
If you thought you were safe from the IRS because your offshore bank account was with another bank besides UBS, think again.\u00a0 As a result of the IRS UBS settlement and the IRS’ Voluntary Disclosure program, hundreds of account holders with undeclared assets have come forward to disclose their bank details in exchange for a lighter penalty and to avoid prosecution for tax evasion.<\/a>\u00a0 Together with their personal information are coming loads of additional names of banks, attorneys, accountants, agents and other intermediaries that have helped them stash their cash offshore to dodge taxes.\u00a0 As a result, the IRS has plenty to investigate, including offshore banks other than UBS.<\/p>\n Some of the banks are located as far away as the Caribbean islands, Hong Kong and other Asian countries.\u00a0 If you have assets that have not been taxed in accounts in any of these banks, do not assume you are safe.<\/p>\n In Switzerland itself, the agreement involves the Swiss government looking into other banks besides UBS for similar practices of having American depositors who use their bank accounts to avoid taxes.\u00a0 One such Swiss bank is Credit Suisse.\u00a0 It is alleged that Credit Suisse has recently advised its American clients to close their Swiss accounts within the next few weeks, although the bank has made no comment about this.\u00a0 In line with the current developments, Credit Suisse has affirmed its compliance with acceptable banking standards, laws and practices.<\/p>\n