As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
IRS Amnesty: Less than 2 Weeks Remain for Voluntary Disclosure Filings
The deadline for foreign investors to participate in the IRS voluntary disclosure program is September 23, 2009. Taxpayers wishing to participate must amend their income tax returns to properly reflect any previously unreported foreign earned income and must file the appropriate foreign account disclosures. If you want your CPA or tax attorney to represent you…
Read Full Article Categorized in: IRS Penalties, Tax CrimesOffshore Tax Fraud: IRS Creates New Division
The Wall Street Journal reports that the IRS is dedicating an entire division to investigate and pursue offshore tax evaders: For anyone who wonders if the Internal Revenue Service is done with offshore accounts now that it got its UBS AG (UBS) settlement, there’s this. The agency has started putting together a new group to…
Read Full Article Categorized in: IRS Penalties, Tax CrimesU.S. Senators: UBS Just the Beginning
Senator Max Baucus (D-MT), chairman of the Senate Finance Committee, says that the UBS prosecutions are just the beginning of the IRS’s crackdown on foreign tax evasion. Here’s the report from TaxNews.com: The two senior members of the tax-writing Finance Committee of the US Senate have warned that the recent settlement between the Internal Revenue…
Read Full Article Categorized in: Legislative Watch, Tax CrimesUBS Settlement: The DOJ Press Release
FOR IMMEDIATE RELEASE WEDNESDAY, AUGUST 19, 2009 WWW.USDOJ.GOV U.S. DISCLOSES TERMS OF AGREEMENT WITH SWISS GOVERNMENT REGARDING UBS WASHINGTON – The Justice Department and the Internal Revenue Service (IRS) today announced that the agreement with the Swiss government has been finalized. As a result of the agreement, the United States will receive substantially all of…
Read Full Article Categorized in: News, Tax CrimesUBS Taxpayer Disclosure Update
The Wall Street Journal reports that, The U.S. could within months begin criminally prosecuting hundreds of wealthy Americans — from the obscure to the “rich and famous” — for using foreign bank accounts to evade income taxes. In a settlement with the Swiss government detailed Wednesday, the Internal Revenue Service said Swiss bank UBS AG…
Read Full Article Categorized in: Tax CrimesUBS & US Settlement Reached: Taxpayer Names to Follow
Reuters reports that after weeks of speculation, the United States and UBS have entered into an agreement to settle their tax dispute regarding UBS’s American investors: The U.S. government and Swiss bank UBS AG (UBSN.VX)(UBS.N) have initialled agreements to settle their tax evasion dispute, a U.S. government attorney said on Wednesday, ending weeks of tough negotiations between…
Read Full Article Categorized in: International Taxation, Tax CrimesUBS Investors: Voluntary Disclosure Time Drawing Nigh
The Wall Street Journal said time is running out for many UBS investors to make voluntary disclosure of their offshore holdings: If UBS discloses names and information as part of a settlement, the IRS will “generally not accept a voluntary disclosure from anyone on that list,” says Scott D. Michel an an attorney at Caplin & Drysdale…
Read Full Article Categorized in: International Taxation, Tax CrimesFirst UBS Client Found Guilty of Tax Evasion, More to Follow
The South Florida Business Journal (SFBJ) reports that, Boca Raton resident Steven Michael Rubinstein faces up to three years in prison after pleading guilty on Thursday to charges he hid money in a Swiss bank account maintained by UBS. According to court documents, Rubinstein kept a UBS bank account in the name of Hybridge International…
Read Full Article Categorized in: International Taxation, News, Tax CrimesSwitzerland Wants U.S. to Drop UBS Lawsuit: What Does it Mean for American Investors?
It’s the case that never seems to go away. The United States and Switzerland continue to dicker over the proper resolution of the offshore tax haven scandal. The Swiss may be neutral in matters of war, but it would be a mistake to underestimate their resolve in matters of diplomacy. Tax News.com reports, an international tax…
Read Full Article Categorized in: International Taxation, News, Tax CrimesForeign Bank Accounts: Who Must File Treasury Department Form 90-22.1
We have warned U.S. taxpayers about the looming crackdown on foreign bank account holders. As UBS investors well know, the push has already begun in earnest and we expect it to intensify as the Obama administration seeks to close the tax gap as a means of raising revenues to pay for it’s trillion dollar deficit spending. Stopping…
Read Full Article Categorized in: International Taxation, Tax Crimes, Unfiled ReturnsJustice Department May Pursue Criminal Charges Against UBS Execs
The New York Times reports today that the United States Justice Department, irked by UBS’ and the Swiss government’s reluctance to comply with its request for the names of American investors, may pursue UBS executives criminally. UBS came under blistering attack on Wednesday from officials and lawmakers amid a growing outcry over Swiss banking secrecy practices…
Read Full Article Categorized in: International Taxation, Tax CrimesBad News for UBS Investors: UBS to Disclose Investor Names to IRS
Reuters reports that Swiss Bank UBS AG will give the U.S. Department of Justice the names and account information of it’s customers: In an unprecedented move, UBS, based on an order by the Swiss Financial Markets Supervisory Authority (FINMA), agreed to immediately provide the U.S. government with the identities of, and account information for, certain…
Read Full Article Categorized in: Tax Crimes