Posts tagged as:

UBS

UBS Informant Must Report to Prison On Time

6 January 2010

A federal judge has declined Bradley Birkenfeld’s request for leniency. Birkenfeld must report to prison on Friday, January 8, as scheduled, to serve his 40-month prison term.
Birkenfeld pleaded guilty last year to helping many of his clients, including billionaire Igor Olenicoff, evade taxes. Olenicoff pleaded guilty in 2007 to filing a false tax [...]

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UBS Whistleblower Wants Shorter Sentence

30 December 2009

What would it take for you to turn in your clients? Would 30% of the take do it? What if it meant jail time?
These are all things that Bradley Birkenfeld must have considered before approaching the IRS two years ago to turn in tax cheats at UBS. And he did it anyway.
Now, Birkenfeld isn’t quite [...]

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Shulman Talks International Tax At GWU

10 December 2009

Today, the IRS published the “Prepared Remarks of Commissioner Douglas Shulman before the 22nd Annual George Washington University International Tax Conference.” You can read the whole speech here.
But for those of you who don’t have the time to read the 2703 word speech, here’s a summary:
Shulman started out with an update [...]

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UBS Set To Turn Over First Set of Names

25 November 2009

About 500 families may have a little bit less to be thankful for this morning: Swiss tax authorities have announced that they have notified the first UBS 500 clients whose names will be turned over to US government officials.
The 500 clients are the first of 4,450 names to be released under an agreement reached [...]

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So Tell Me, Taxpayer: Do You Feel Lucky?

18 November 2009

It was a question posed to US taxpayers by the IRS in the wake of the UBS scandal: do you feel lucky?
The US offered US taxpayers the opportunity to voluntarily disclose offshore bank accounts as part of an amnesty program earlier this year. The choice? Come forward now and escape criminal prosecution [...]

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Tax Havens Suddenly Not All the Rage

11 November 2009

Suddenly, it’s not so fashionable to have your money in Swiss banks. That’s sooo February 2009. This season, all of the trendy tax evaders are heading somewhere else.
In the wake of increased activity by IRS to track down previously undisclosed assets (joined by the taxing authorities in countries like the UK and Germany), [...]

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UBS Client Prosecutions Continue

31 October 2009

Jeffrey Chernick, a toy salesman out of New York, was sentenced on Friday to three months in prison for hiding millions of dollars from the IRS. Upon his release, Chernick will serve six months’ house arrest and six months’ probation. The judge did not impose an additional fine as Chernick is already subject to [...]

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Fix the Tax Code Friday: Foreign Accounts

21 August 2009

The IRS crackdown on foreign accounts has been generating a lot of discussion in the blogosphere. Some folks argue that it’s a waste of resources, others argue that it’s been a long time coming.
Today’s Fix the Tax Code Friday question is:
Is the targeting of offshore accounts a fair use of IRS resources? Or [...]

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IRS Crackdown on UBS Continues With Indictments

21 August 2009

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. [...]

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IRS Plays Chicken with Taxpayers

19 August 2009

Remember that great scene in the movie Footloose when Kevin Bacon is challenged to a game of chicken on the tractor?

It seems that the IRS is playing a little chicken of its own with taxpayers…
The IRS has entered into a settlement with UBS to divulge the names of about 4,450 account holders at the Swiss [...]

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