Posts tagged as:

banks

Taxes from A to Z: F is for FBAR

8 March 2011

In 1970, Congress passed the Bank Secrecy Act which was pretty much the first law on the books in the US to require banks and other financial institutions to reveal personal financial information to the government. Yep, this was long before the Patriot Act, and was originally meant to assist law enforcement agencies in the [...]

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First UBS, Now HSBC?

27 January 2011

You knew that it would be just a matter of time before the IRS set its sights on a new bank. Fresh off of victories involving UBS and Deutsche Bank related to tax fraud/tax evasion, the IRS has now targeted an “unknown British bank” for its role in a tax evasion scheme. As before, the [...]

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I Told You So.

7 July 2010

So, I don’t say that on the blog very often (though my brothers would likely tell a different story from our years at home). But I’m sooo saying it now. When the IRS won its prominent battle with UBS, I said (as did many tax and finance bloggers) that a win would only lead to [...]

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Brits Will Greenlight Bank Tax In Spite of G-20

8 June 2010

Despite opposition from the G-20 to a global bank tax, the UK will move ahead with its own version of the tax. Chancellor George Osborne is widely expected to include the tax in his June 22 budget. The tax, which is similar to the one proposed in the US, would be levied on banks in [...]

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Support Growing for Bank Tax

23 April 2010

As the headlines continue to batter Wall Street this week (my favorite story du jour being this one from CNN: “SEC staffers watched porn as economy crashed”), politicians are taking the opportunity to take a second look at a tax aimed at punishing slapping on the wrist warning sending some kind of message to the [...]

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Big Banks Move On… With a Little Help from Their Friends?

15 December 2009

Wells Fargo announced early this week that it will repay $25 billion received under the Troubled Asset Relief Program (TARP). The announcement comes on the heels of a similar announcement from the Bank of America. Citibank rushed to join the ranks of those banks committed to repaying TARP funds over the next few months. So, [...]

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