Credit Suisse is Scheduled to Hand Over Identities of Tax Evaders

Credit Suisse Group AG has agreed to hand over the identities of clients who are suspected of evading their U.S. tax bills by hiding their money of secret offshore bank accounts. The U.S. government has been putting pressure on these offshore banks to help them identify tax dodgers.

Credit Suisse agreed to Tuesday to hand over account information to the Swiss Tax Authorities as requested by the Internal Revenue Service. The Swiss Tax Authority will review the accounts and give people the opportunity to appeal before they release the information to the IRS, a process that could take several months.

The IRS tirelessly pursues people who evade their taxes and make it necessary for these individuals to retain tax attorneys to build a defense.

The IRS informed Credit Suisse that they were the subject of a criminal investigation into whether they helped U.S. citizens hide their income and avoid paying their income taxes. 

USB, another Swiss bank, were investigated by the IRS and also released the names of close to 4,000 clients who dodged their taxes. Some of these clients were later pursued by the IRS and found it crucial to employ a tax lawyer. They also paid a $780 million settlement.

When a person faces tax-related troubles, whether they are evasion or late payments, it is imperative they find an accomplished tax lawyer, who will negotiate for lower fines and reduced jail time.