Did you get a letter threatening to Freeze a Swiss Bank Account?

Did you get a letter threatening to Freeze a Swiss Bank Account? http://ift.tt/1snr6OC Did you get a letter from a Swiss bank threatening to freeze your Swiss bank account? If so, there are important steps you need to take to protect your property. If you have entered into the IRS OVDP program, then you need to send prove that you have. If you do not need to enter into a program because you had no unreported income (FBAR FAQ #17) you may have a difficult time on your own explaining that to your bank. If you have not entered into an OVDP, you should likely do so quickly. The standard 27.5% penalty increases to 50% of high account value on August 4, 2014. Those who have reasonable cause, however, may still opt-out even if they submit after August 4, 2014. There is good news for many. the streamlined OVDP rules have been liberalized for those offshore. There is now a standard 0% penalty. And ofr those living in the US, there is a 5% penalty, based on year-end value in the last 6 years. Regardless, if you have received one of these letters and you have done nothing, having your assets frozen may be the least of your worries. As your bank will likely share your information with the IRS and you could be facing stiff FBAR fines and *potential* criminal prosecution http://ift.tt/1xJiZic Anthony Parent