Swiss Banks Face Lower Fines Than Feared In U.S. Tax Case

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Swiss Banks Face Lower Fines Than Feared In U.S. Tax Case

by Wochit 0:38 mins

Swiss Banks Face Lower Fines Than Feared In U.S. Tax Case

by Wochit 0:38 mins

About 80 of the 106 Swiss banks that signed up for a deal with U.S. tax authorities could be fined less than they had feared for their role in helping wealthy Americans cheat on their taxes, but must widen their cooperation, a Swiss newspaper reported. Since a Dec. 31 deadline to enter the program, the banks have delivered information on how many American clients they have served in recent months, and clarified with U.S. officials what the penalties for harboring funds in offshore accounts will be.

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