All Blog Posts from Econwatch

If you have any money stashed in an overseas account, the IRS wants to know about it.

The U.S. is launching a stiff crackdown on Americans who shield income from the tax man in foreign accounts. The new campaign could net tens of thousands of tax evaders, according to a report in the Wall Street Journal ($) Monday.

Taxpayers with $10,000 or more in offshore accounts at any point during the year will be required to file a tax form called the Foreign Bank Account Report, or FBAR. People who owe back taxes can expect some tough penalties. And for those who fail to file the form altogether, the penalties will be much greater.

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The Internal Revenue Services intensified hunt for tax evaders overseas has caused Switzerland's two biggest banks to say goodbye to its American customers.

UBS AG and Credit Suisse Group AG have given Americans a choice: move your money to special accounts they have created in the U.S. or lose the account, Bloomberg reports.

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