Court records show that RAHN + BODMER CO., A financial institution headquartered in Zurich, Switzerland Allowed to actively support Americans, maintains secret foreign bank accounts that should have been reported annually under the FBAR regime. In addition, the bank admitted helping Americans file false U.S. income tax returns, omitting critical aspects of their foreign bank account ownership.
If you have a foreign bank account and have not disclosed its existence and not reported related offshore taxable income, financial institutions like the defendant in the above case, which have deferred law enforcement agreements, make it nearly impossible to prevent them from ever being caught. Even without a deferred law enforcement arrangement, simply leaving FACTA will ultimately create a similar risk. This means that banks around the world that have entered into FACTA contracts or postponed law enforcement agreements with the Department of Justice have agreed to provide incriminating information about their US customers. The good news is that there are still methods in place to stay compliant while virtually eliminating the risk of prosecution for offshore tax evasion or reporting of foreign information.
To talk to David W. Klasing Call us at (800) 681-1295 for confidential advice. We represent customers nationally in IRS issues and in California for government issues.
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