Swiss Banks Want You To Know They Care About Your Citizenship

Freeman Tax Law

(855)935-5945

Swiss Banks Want You

To Know They Care

About Your Citizenship

It’s Not Junk Mail

Freeman Tax Law (855) 935-5945 [email protected] www.freemantaxlaw.com

It's not junk mail, your Swiss bank did just send you a letter informing you that you are a U.S. citizen. Why did they send you this letter? It's all because of an agreement they made with the U.S. Department of Justice (DOJ),

Verify Your Tax Compliance


Your Swiss bank made an agreement with the DOJ that requires them to verify that all their U.S. account holders paid taxes on their offshore earnings. The letter goes into an impressive level of detail about why they need to know you are in compliance, but it boils down to they need to protect their own skin and prove that they have provided you notice. Your account information has been shared with the DOJ and you need to make sure that you are current with taxes.

Documents They Want To See


To verify your tax compliance you need to provide proof that you filed your tax returns, proof that you included the income from your foreign accounts on your tax returns, and if your account balance was higher than $10,000 you need to provide proof that you filed your FBAR forms.


What If You Can’t Provide This

Proof?

The bank is not concerned with the why you may have specifically not included this income on a legal document, but they need to have records that you are working to make your tax records accurate. If your tax records do not show your foreign account then you must provide documentation show if you have entered the Offshore Voluntary Disclosure Program or Streamlined Filing Compliance programs to clear up your errors. A certified letter from a U.S. attorney stating that you are entering into the program is also acceptable so as you do not rush into the incorrect program without fully discussing with legal counsel.


You Must Respond

The bank has financial skin in the game and has agreed to pay 20% of the highest account balance that you have had at the bank for any account that is not proven to be tax compliant. If you do not prove that you were tax compliant or are working to become compliant you could be called upon to reimburse the bank for the 20% that they had to pay the U.S. Government. This causes all sorts of trouble and challenges. Start seeking legal counsel today and especially as soon as you receive a letter from your bank to clear up your foreign account tax responsibility.

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Freeman Tax Law

About Freeman Tax Law


Freeman Tax Law is a boutique tax law firm with national

exposure equipped to handle all domestic and international tax

law matters. At Freeman Tax Law, the attorneys and

professional staff have vast experience with foreign tax

compliance, international tax planning, and resolving tax

controversies involving offshore banking matters. Freeman Tax

Law helps taxpayers and foreign entities become in compliance

with laws such as Foreign Account Tax Compliance Act

(FATCA) and Offshore Voluntary Disclosure Program (OVDP).

In addition to handling complex tax controversies, the Freeman

Tax Law team has extensive expertise in assisting clients with

wealth management and estate planning.