August 4 Deadline for Disclosing Offshore Accounts

US taxpayers who do not voluntarily disclose offshore holdings by August 4, 2014 could face significant penalties – up to 50% of each account’s highest balance, in addition to possible criminal prosecution.   The IRS issued a reminder of this looming deadline, along with a list of ten foreign investment groups currently under investigation by the Department of Justice.  Accountholders with the institutions listed below are advised to enter the IRS’ Offshore Voluntary Disclosure Program (OVDP) prior to the August 4 deadline.  If you have any questions or require assistance with this, please contact your AKM CPA.

  • UBS AG
  • Credit Suisse AG, Credit Suisse Fides and Clariden Leu Ltd.
  • Wegelin & Co.
  • Liechtensteinische Landesbank AG
  • Zurcher Kantonalbank
  • swisspartners companies, including swisspartners Investment Network AG, swisspartners Wealth Management AG, swisspartners Insurance Company SPC Ltd., and swisspartners Versicherung AG
  • CIBC First Caribbean International Bank Limited, its predecessors, subsidiaries and affiliates
  • Stanford International Bank, Ltd., Stanford Group Company and Stanford Trust Company, Ltd.
  • The Hong Kong and Shanghai Banking Corporation Limited in India (HSBC India)
  • The Bank of N.T. Butterfield & Son Limited (aka Butterfield Bank and Bank of Butterfield), its predecessors, subsidiaries and affiliates
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