Chicago Business Litigation Lawyer Blog
For years people used the term “in a Swiss bank account somewhere” to refer to money that had been hidden overseas where the IRS couldn’t reach it. Taking advantage of offshore bank accounts has long been (and still is) a way for rich people to avoid paying taxes on large portions of their wealth, and Swiss banks provided one of the most popular safe havens from American taxes. In theory, that all should have changed in 2014, but according to a whistleblower who used to work for Credit Suisse, a major Swiss bank, the reality is that many Americans are continuing to hide millions of dollars from the IRS with help from Credit Suisse.
Congress and the IRS spent years in the early 2010s investigating Credit Suisse and its involvement in helping American citizens hide their wealth from the IRS. The result was that Credit Suisse ended up pleading guilty and reaching a settlement agreement with federal prosecutors in May of 2014, in which they were fined $2.6 billion. That sounds like a lot, but given how much money they were allegedly helping Americans hide from the IRS, they got off lightly, and that was only because they told the Department of Justice (DOJ) and the Senate they wouldn’t do it anymore, and that they would close all the accounts whose holders were in violation of American tax law.
But now the whistleblower is stepping forward claiming Credit Suisse violated its plea deal and has continued to shelter American funds from the IRS. Continue reading ›