Read more at: Tax Times blog
Owe The IRS? Get ready to have your Passport Suspended.
April 9, 2012
April 9, 2012
Read more at: Tax Times blog
April 6, 2012
"We deeply regret our breaches of U.S. laws," UBS' Mark Branson told a Senate subcommittee hearing into a crackdown on offshore tax havens that has called into question Switzerland's cherished tradition of banking secrecy.
Branson called for a diplomatic resolution of U.S. government efforts to get information from UBS on as many as 52,000 undisclosed accounts sought in a civil lawsuit filed against the bank by the U.S. Internal Revenue Service.
"UBS believes the dispute should be resolved through diplomatic discussions" between the governments of Switzerland and the United States, Branson said, adding that the bank believes it has complied as much as possible with the lawsuit.
"The IRS is attempting to resolve this diplomatic dispute in a courtroom, which is neither productive, nor proper," he said.
Read more at: Tax Times blog
April 6, 2012
Read more at: Tax Times blog
April 6, 2012
* Lawsuits charge asset bankers have legal obligation to clients
The case of a wealthy U.S. businessman who pleaded guilty to evading taxes but then sued the Swiss bank where he hid his money is scheduled to go to trial on May 8, the first major test of civil legal challenges to Swiss banks that sold offshore private banking services to help Americans evade taxes.
The civil suit, filed against UBS AG in federal court in Santa Ana, California - and another filed against UBS in federal court in Chicago - will probe whether clients can legally rely on their private bankers' assertions there is no need to disclose the accounts on their tax returns or sign required disclosures.
Read more at: Tax Times blog