Swiss Bank Accounts

The Internal Revenue Service will soon obtain more names of U.S. citizens with Swiss bank accounts. Both Credit Suisse and Clariden Leu will disclose the names of U.S. account holders who are suspected of stashing their money overseas in order to evade U.S. income tax. As a result of a similar handover of account information by Swiss bank UBS last year, the Service received the names of over 4,000 taxpayers suspected of U.S. tax evasion. And don't be surprised to see more Swiss banks turn over names in the future.