Swiss Banks Under Pressure as Deadline Nears for DOJ Program to Find U.S. Accounts
Swiss banks are coming up on the Justice Department's year-end deadline to turn in information on their U.S. clients as part of a program allowing them to pay penalties and avoid persecution. Tax attorneys say both the banks and the individual account holders could be in trouble if they don't provide the U.S. government with the information they seek regarding offshore accounts for taxpayers.
“Time is quickly dwindling. If the individuals with those accounts don’t come in they’re going to get found out one way or another," said Private Wealth Services Partner Kevin Packman.