The IRS keeps updating its list of foreign banks which are turning over the names of their US Account Holders, who are now subject to a 50% (rather than 27.5%) penalty in the IRS’s Offshore Voluntary Disclosure Program (OVDP). This penalty is based on the highest account balance measured over up to eight years. On January 25, 2016 the Justice Department Announced that Leodan Privatbank AG (Leodan) is the 93rd Swiss Bank to reached a resolution under the department’s Swiss Bank Program.
Under the program, banks are required to:
Make a complete disclosure of their cross-border activities; Read more