The primary thrust of the U.S. government’s effort to close offshore tax shelters reportedly reached an impasse yesterday, as U.S. and Swiss authorities hit a roadblock in their negotiations to stop Swiss banks from helping American taxpayers hide money from the IRS.
U.S. and Swiss officials are working out a global resolution that would require Swiss banks to pay a fine, exit their undeclared offshore banking businesses for American taxpayers, and reveal client names to the IRS and Justice Department, Reuters reports.
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