I’ve written about bank secrecy in Liechtenstein before. One Liechtenstein bank, Liechtensteinische Landesbank AG (LLB), has received a “group request” for information. The IRS wants information on accounts with $500,000 or more from 2004 or later.
If you happen to be one of those account holders and you have been reporting your foreign account with an FBAR and Form 8938 (along with claiming any interest income on your tax returns), there shouldn’t be any issues. However, if you have not done so you should see a tax attorney as soon as possible.
Tags: Liechtenstein