Beware Of Swiss Banks Urging OVDP

A client recently received a letter from a Swiss bank “strongly encouraging” the client to enter the Internal Revenue Service (“IRS”) Offshore Voluntary Disclosure Program (“OVDP”).  The letter said that OVDP “affords US taxpayers an opportunity to become compliant with their US tax obligations by voluntarily disclosing their undisclosed offshore account to the IRS.”  The letter continues--