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Swiss Banks and the FBAR: What You Need to Know

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McLean, VA 22102

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Chevy Chase, MD 20815

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The IRS does not wait for tax season to be on the lookout for non-compliant taxpayers. It is a year-round activity for them.  Here’s the latest development in the global vigilance for American tax evaders.

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US and Swiss Bank Settlements

If you’re a US taxpayer with money held in a Swiss bank, that money just became much more transparent to the IRS. That’s because in recent weeks, the US government has entered agreements with two more Swiss banks in identifying and prosecuting American bank account holders who are evading their tax responsibilities in the US. The Société Générale Private Banking (Suisse) SA and Berner Kantonalbank AG join numerous other foreign banks that have previously agreed to help crack down on US tax evaders.

Taxpayer Compliance

With more US citizens living abroad or holding overseas bank accounts, collecting and reporting taxes has become more complicated. In response to new challenges this new reality brings, the federal government passed the Foreign Account Tax Compliance Act or FATCA in 2010. Under this law, if you’re a US taxpayer with bank accounts outside the U.S., you need to file an FBAR or foreign bank account report if you live in Washington, DC or anywhere else in the U.S. This lets the IRS know about your off-shore assets and foreign financial accounts bringing tax payers into compliance.

Failure to file an FBAR before the due date will not be taken lightly by the IRS. You could end up in prison or paying stiff fines. The best way to go about filing your FBAR on time and avoiding being penalized is to hire a firm that offers professional tax advice and services such as US International Tax Advisors.

We are the experts in foreign bank account reporting in Richmond, VA, Baltimore, MD, Washington, DC and the surrounding areas you can turn to for help. We are experts well-versed in complex U.S. as well as international tax laws and reporting regulations. We can guide you through even your toughest tax questions and situations. Call us at (844) 796-8565 or complete our online contact form to get started.

Swiss Banks and the FBAR: What You Need to Know was last modified: August 10th, 2015 by US International Tax Advisors
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About Us

US International Tax Advisors provide expert tax advice and services to clients in the Metro DC area, across the United States and throughout the world. Our advisors have deep expertise in international tax compliance, litigation & investigations, international business consulting and information storage services.

Our understanding of complex tax laws and reporting regulations around the globe make US International Tax Advisors the preferred choice for clients who want guidance and direction that is specific to their needs.

Our team of attorneys, CPAs and financial professionals counsel individuals, trusts, estates and companies on issues related to international tax compliance, FBAR, FATCA, IRS voluntary disclosure and amnesty programs. We serve clients both in the United States and overseas, including foreign nationals residing in the U.S. and American citizens working or residing in other countries.

Our Services

  • Home
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  • Foreign Bank Account Reporting (FBAR)
  • Foreign Account Tax Compliance Act (FATCA)
  • IRS Voluntary Disclosure
  • 2014 Amnesty Program
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  • Information Storage Services
  • Contact Us
  • Blog

Locations

US International Tax Advisors
1602 L Street, NW, Suite 401 
Washington, DC 20036

(844) 796-8565

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