On September 17, 2015 we posted “OVDP Penalty Increased To 50% For 48 Foreign Banks!” well now make 55 (54 Banks +1 Asset Management Firm) including “The 1st Swiss Asset Management Firm To Turn Over Names of US Clients Over to the IRS!”
The DoJ announced on October 8, 2015 that Schaffhauser Kantonalbank (SHKB) has reached a resolution and is turning over names of its US depositors! The IRS keeps updating its list of foreign banks where the holders of these offshore accounts are 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.
The complete list is as follows, as of 10/8/15: Read more