The latest news in the federal government’s crackdown on taxpayers (or rather, people who are supposed to be paying taxes) with offshore bank accounts: Four bankers from Credit Suisse Group have been indicted on charges of aiding tax evaders in hiding around $3 billion in assets.
Credit Suisse has not yet been charged, but according to the indictment, bank officials “knew and should have known that they were aiding and abetting U.S. customers in evading their U.S. income taxes.”
From the AP:
The indictment claims the bankers discouraged customers from participating in a 2009 amnesty program offered by the Obama administration, in which U.S. taxpayers could avoid criminal prosecution if they came forward with information on their secret accounts and agreed to pay a penalty.
In 2009, Swiss bank UBS agreed to pay a $780 million fine following similar allegations. The bank also agreed to give the names of the account-holders involved in the offshore accounts.
The IRS is once again offering amnesty to offshore account holders. If the violators fess up, they face significantly smaller penalties than if they are caught as part of the government’s investigation.