Switzerland To Turn Over Secret Bank Account Names

Posted by JacobSloan on November 23, 2009

The Wall Street Journal reports that the Swiss government will be revealing to the U.S. government the names of all U.S. taxpayers holding Swiss bank accounts with balances greater than 1 million Swiss francs ($993,000).

The IRS is chomping at the bit: for decades, rich Americans have hidden money tax-free in secret Swiss bank accounts. Up to October 15, the IRS briefly offered a “Voluntary Disclosure” Program for all offshore account holders with undeclared income, giving people a chance to come clean and face reduced penalties. The program experienced a tsunami of applicants towards the final deadline, receiving about 14,700 confessions, far greater than expected.

Now the amnesty period is up.