DOJ Continues to Pursue Offshore Accounts, Fines Swiss Bank Over $10 Million

The U.S. Department of Justice recently entered into an agreement with yet another foreign bank, LLB Verwaltung (Switzerland) AG, for the bank's role in assisting clients evade their U.S. tax obligations. LLB-Switzerland's business with U.S. clients boomed in 2008, after it became public that UBS AG, Switzerland's largest bank, was under criminal investigation in the U.S. for a number of violations, including tax crimes. LLB-Switzerland at one point held over $176 million in U.S. client funds, which the bank's management knew were largely undeclared. As a result of the recent agreement, LLB-Switzerland will pay the U.S. a penalty of $10.6 million.

"This resolution is another step forward in the Department of Justice's pursuit of tax evaders, who use foreign bank accounts to commit criminal activity, and those institutions, who enable such criminal tax activity," said Principal Deputy Assistant Attorney General Zuckerman. "The Department is dedicated to holding both financial institutions and individual offenders accountable for tax evasion."

More details on the Swiss bank resolution are available here.

The IRS' 2014 Offshore Voluntary Disclosure Program (OVDP), which was offered to help taxpayers get into compliance with their foreign account reporting requirements, officially ended on September 28, 2018. Taxpayers who missed the OVDP opportunity still have options available and should get into compliance as soon as possible. Contact our office to discuss your tax compliance matter today.

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