IRS Offshore Account Penalties Go Up, More Banks Listed

IRS Offshore Account Penalties Go Up, More Banks Listed

by Robert W. Wood, Forbes.com

Since July 1, eleven more Swiss banks have entered deferred prosecution agreements with the U.S. government. The subject is tax evasion involving American account holders. Today, banks everywhere want to know if you are compliant with the IRS. Under FATCA, the entire world is lending the IRS a hand. Meanwhile, the IRS has updated its list of the foreign banks where offshore accounts trigger a 50% (rather than 27.5%) penalty based on the highest account balances in the IRS’s long-running Offshore Voluntary Disclosure Program (OVDP).

The list of banks keeps growing. The IRS recently added Privatbank Von Graffenried AG (effective 7/2/15); Banque Pasche SA (effective 7/9/15); ARVEST Privatbank AG (effective 7/9/15); Mercantil Bank (Schweiz) AG(effective 7/16/15); Banque Cantonale Neuchateloise (effective 7/16/15); Nidwaldner Kantonalbank (effective 7/16/15); SB Saanen Bank AG (effective 7/23/15); Privatbank Bellerive AG (effective 7/23/15); PKB Privatbank AG (effective date to be announced);Falcon Private Bank AG (effective date to be announced); and Credito Privato Commerciale in liquidazione SA (effective date to be announced). This higher penalty was created as part of the June 2014 OVDP reforms that created a more lenient deal for the non-willful, and a more stringent OVDP for others.

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