Coming Sunday: IRS deadline on Swiss bank accounts approaches

If you’re like most people, you don’t have a Swiss bank account. But thousands of Americans who do are suspected of failing to pay millions in income taxes on billions in foreign assets.

That’s in the process of changing. October 15 is the deadline for Americans with Swiss bank accounts to self-report their income, pay applicable taxes and penalties, and move on with their lives. Afterward, they will face possible criminal prosecution.

And, as you’ll see Sunday, those names are well known. Thousands of names were turned over by the United Bank of Switzerland, and the First Data credit card factoring company is turning over the paper trail.

In April, IRS Agent Daniel Reeves filed a declaration in the Swiss bank investigation. He said in part, “… I have concluded that there is a reasonable basis for believing that the information sought in the ‘John Doe’ summons issued First Data will identify United States taxpayers who may have diverted unreported income offshore or received unreported income from undisclosed offshore sources or have taken improper deductions or credits or have failed to withhold tax on certain payments made offshore and will enable the Internal Revenue Service to locate taxpayers who have failed to pay taxes owing under the Internal Revenue laws during the period January 1, 2002 through the date of this summons.”