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Warning Letters From Foreign Banks

Did you receive a letter from a foreign bank claiming that your personal information might be revealed to the U.S. Department of Justice and/or IRS? Are you confused as to what this letter actually means and unsure how to move forward?

If you received a warning letter from a bank in Switzerland, the Cayman Islands, the Caribbean, Luxembourg, Singapore, Hong Kong or another foreign nation, we can help. At Bucci Law Offices, we fight for our clients' rights at every step of the process, and can provide you with the advice and advocacy you need after you receive a warning letter.

If You Do Not Participate, You Could Face Penalties

Any account holder, or former account holder, who does not choose to participate in the Offshore Voluntary Disclosure Program, could face harsh penalties, some even higher than the value of their undeclared foreign account. Those taxpayers accepted into the OVDP will pay 27.5 percent. Taxpayers who are "not willful" may qualify for substantially reduced penalties under the streamlined domestic offshore procedures. Programs — such as the OVDP — were granted reduced penalties as a result of their voluntary compliance.

As of Dec. 31, 2013, more than 100 Swiss banks have furnished the Department of Justice with the names of their current and former U.S. account holders and the details of their activity. Major banks such as UBS, Credit Suisse, Wegelin Bank, Valiant Bank, Berner Kantonalbank and Vontobel are among those who have already provided the Department of Justice with the names and details of their current and former U.S. clients.

To date, the Department of Justice has indicted, convicted and levied substantial fines on over 100 taxpayers and tax advisers who helped clients avoid tax liability.

Contact Bucci Law Offices For Help

Time is of the essence, as the current OVDP could end at any time. The deadline for filing the 2014 FBAR is June 30, 2015. If you received a letter from your Swiss bank, please contact Bucci Law Offices, or call 305-340-2275 in Miami, 954-900-9107 in Fort Lauderdale, or toll free at 800-743-4263. We handle cases worldwide. Call us today to schedule a consultation to determine your potential tax liability, and evaluate the risks, advantages and disadvantages of pursuing each option.

The tax attorneys at Bucci Law Offices have more than 18 years of experience in dealing with the IRS, and we understand that the very thought of going through this process can be nerve-wracking.