Posts tagged as:

UBS

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), banks [...]

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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 more [...]

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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. Hansruedi Schumacher, [...]

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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 [...]

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More Tax Haiku

13 August 2009

Maybe it’s summer. Maybe it’s my grief over the UBS saga finally ending. Or maybe I’ve just been inspired by 1LPoet to find my inner poet. But it’s that time again. I feel some tax haiku coming on… In honor of today’s post: Oh Connecticut. Your tax burden is so high. Thank God for Jersey. [...]

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UBS Settles with IRS

12 August 2009

Um, that’s all we know. Really. I’ve been sent a trillion links on this today and despite pages and pages of content, nobody has any real details. The IRS has requested the names of more than 50,000 US taxpayers with accounts at UBS. The Swiss bank handed over about 300 names so far. So I’ll [...]

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No UBS Settlement So Far

8 August 2009

Despite wide rumors that UBS might settle with the US government, there was no movement on the matter. The case, brought by the US government, focuses on the release of names of more than 50,000 US taxpayers who might have hidden assets in Switzerland for the purpose of evading tax. This time it is the [...]

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Is UBS About to Name Names?

30 July 2009

Rumors have been swirling for months that a settlement between UBS and the Justice Department would be announced in mid-July. Specifically, The New York Times had implied that the feds were backing off demands for the Swiss bank to release the names of more than 50,000 Americans with secret accounts. The idea that no names [...]

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Holes in Swiss Tax Case: Swiss Claim Tax Evasion Not a Crime

8 July 2009

As it turns out, the Swiss do have a little fight left in them after all. The Swiss government has now advised that it would seize financial records from UBS rather than allow them to be turned over to the US. The Swiss Department of Justice and Police filed a statement in federal court advising [...]

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