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Home > Blogs > Ohio politics > Archives > 2009 > December > 08 > Entry
Tax Dept: Tell us about your Swiss bank account
State tax officials have a one-time deal for Ohioans holding Swiss bank accounts: tell us about the accounts by March 1, 2010 and avoid some penalties.
The state’s new Ohio Offshore Voluntary Disclosure Program offers eligible taxpayers the chance to limit the penalty they pay to 15 percent of the tax due.
The new disclosure program was prompted by an agreement between the Internal Revenue Service and the Swiss government reached in August. The Swiss government agreed to order UBS bank to give the IRS information on thousands of accounts held by Americans and the Swiss agreed with consider requests regarding accounts in other Swiss banks.
The IRS, in turn, will share info with Ohio and other states’ tax departments.
“Our job is to make sure everyone is playing by the same set of rules. When a few taxpayers hide income in offshore bank accounts, that isn’t fair to everyone else, state Tax Commissioner Richard A. Levin said. “This is a one-time opportunity for taxpayers with unreported offshore income to come clean and make things right while minimizing their penalty.”
It’s like an ally-ally-in-come-free but account holders would still have to pay owed taxes, plus interest and up to 15 percent in penalties. Those who do not come forward and get nabbed later will face much stiffer penalties, state officials warned.
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