What are the tax responsibilities of a Swiss Bank Account?

Answer 1

In addition to reporting the income from the account on your US federal income tax return, you must report the account to the US Treasury on form 90-22.1 by June 30 of the following year.

No reporting is required if the sum of all foreign accounts in which you have a financial interest or over which you have signature authority does not exceed $10,000 at any time during the year.

LInk to the form:

http://www.fincen.gov/f9022-1.pdf

Answer 2

If you are a US citizen or resident, any income from that account is fully taxable by the US.