Robert E. McKenzie authors blog post on Swiss bank secrecy
Arnstein & Lehr Chicago Partner Robert E. McKenzie authored a blog post for IRS Watch, a Forbes’ website titled, “Swiss Bank Secrecy Succumbs To U.S. Tax Enforcers.” The post, published on February 3, discusses how it is increasingly dangerous to have undisclosed offshore accounts. The Department of Justice and the IRS have been making aggressive efforts to identify unreported offshore accounts. More than 300 Swiss banks had until December 31, 2013 to seek non-prosecution agreements if they had “reason to believe” they violated tax laws. About 1/3 of the banks participated in the initiative, therefore causing thousands of Americans with undisclosed foreign accounts to face visits from IRS agents.
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