The problem: Swiss and United States authorities are about to reach an agreement where the world’s 10 largest banks will stop allowing bank accounts to remain secret from the United State Government.
Before this agreement, banks have cooperated with US citizens to hide money from Uncle Sam, resulting in the IRS not being able to collect taxes from the “secret” bank accounts. Until now the US government did not have the resources to discover these accounts. When the final agreement is made between the US and Swiss authorities, tens of thousands of Americans offshore banking information will be released to the federal government. Those who never declared offshore bank account are expected to be criminally prosecuted by the federal government.
The Solution: Declare your offshore bank account to the U.S. Government by submitting FBAR form to IRS.
more info on filing FBAR form – http://www.irs.gov/businesses/small/article/0,,id=148849,00.html