Credit Suisse to Turn In U.S. Clients

Susi Lindig / Swiss Federal Technology

Offshore tax evasion just got a whole lot more difficult. Reuters obtained exclusive documents that reportedly show that Credit Suisse is alerting U.S. clients suspected of tax evasion that it will turn them in to the IRS. The IRS is reportedly targeting accounts that are owned through domiciliary companies, or shell companies. The clients will have two options: they can give their data to Swiss officials who will turn it in to the IRS, or they can take it to court. However, the latter choice will reveal the identity of the client to U.S. authorities.