Major Swiss banks have been under investigation for helping many American taxpayers hide their incomes in offshore banks and are ready to settle by paying billions in settlements and revealing the name of clients they assisted, according to Bloomberg.
The US began criminal investigations into how the Swiss banks helped evade their taxes. Since then the US and the Swiss have been negotiating on the settlement.
Sources close to the talks told Business Week that the Swiss government is seeking to outline a formal accord with the Foreign Affairs Committee in the upper parliament. The number of banks that pay to settle may be more than the eleven banks under criminal investigation.
The U.S wants to the banks to disclose the name of 5,000 to 10,000 citizens that were aided by the Swiss Banks. USB recently settled with US and revealed the names of secret account holders some of which were pursued for evasion; fighting a tax evasion charge requires the help of a tax attorney.
Tax evasion and avoidance cost the government a great deal of lost revenue and will use means to collect. A tax lawyer can negotiate with authorities for a plea which in turn may allow their clients to receive a reduction in jail time.
A tax attorney has the skills to see that their clients are duly represented if they are accused of any criminal tax activities.
