IRS Crackdown On UBS Continues With Indictments
The IRS is making serious noise about its attempts to combat offshore tax evasion. What could be a better pulpit than its high profile UBS matter?
Just a short while after details on the UBS settlement were released, the IRS announced the indictments of a former UBS bank executive and a Swiss attorney. Hansruedi Schumacher, an exec at UBS, and Matthias Rickenbach, a Zurich lawyer with Rickenbach & Partner, were charged on Thursday with orchestrating tax evasion schemes targeted to wealthy Americans.
The indictments are largely ceremonial for the time being since both men remain in Switzerland – good for them since the Swiss will not extradite them to the US. However, if Schumacher or Rickenbach travel to a less extradition-resistant country, they could be taken into custody. Another UBS exec, Raoul Weil, who remains in Switzerland is already considered a fugitive by the Justice Department.
Expect more drama as the September 23 deadline for voluntary compliance nears…
FYI: Hansruedi Schumacher worked at UBS before holding the position as exec at NZB (http://www.nzb.ch) from which he was fired today. In other words: For once this has nothing to do with UBS (besides Schumacher deliberately targeting ex-UBS customers).
Matthias Rickenbach openly admits to have consulted clients in tax evasion matters. The only excuse he offers is that he was not the only one…