Posts tagged as:

UBS

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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Are the Feds Backing Off UBS?

23 June 2009

The New York Times says yes. The Justice Department says no.
I’m not sure what to believe but it does make you wonder what’s going on… The Times has suggested that the DOJ may back off its investigation of more than 52,000 über rich Americans who held secret accounts at the Swiss bank, [...]

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IRS to Millionaires: Show Me the Money

21 May 2009

Those Housewives of New Jersey better brace themselves: the IRS has announced that it’s focusing its audits on wealthy individuals and corporations as part of a broader effort to crack down on international tax cheats.
IRS Commish Doug Shulman, a Bush appointee, has declared international compliance his “top priority.” He told the US House [...]

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Obama Set to Shake Up Corporate Tax “Loopholes” Today

4 May 2009

The Obama administration is planning to announce a steps towards his promised “massive overhaul” of international financial regulations this morning. Administration officials do not expect the announcement to be popular.
So, the good news first. Obama will announce plans to make permanent a research tax credit that was to expire at the end of [...]

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UBS Accused of Being a Tattle-Tale

26 February 2009

Alp? Check.
Chocolate? Check.
Banking secrecy? Not so much.
The culture of Switzerland may be changing. At the forefront of the change may be its uber-secret banking laws. Switzerland is being forced to re-examine the way it does business in response to pressure from a number of countries, including the US, the UK [...]

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UBS Agrees to Pay Up, Name Names

19 February 2009

Disgraced international bank UBS has agreed to pay a $780 million fine and turn over the names of certain account holders to the IRS as part of an agreement to end the investigation into whether the bank helped wealthy clients hide assets. The number of client names to be revealed has not been made [...]

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UBS Chair Indicted on Tax Evasion Charges

13 November 2008

Raoul Weil, the UBS bank chair and CEO of global wealth management, has been indicted on charges relating to tax evasion. He is accused of helping US taxpayers hide nearly $20 billion (yes, with a b) in assets from the IRS. After the indictment was made public, Weil, not surprisingly, agreed to step [...]

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IRS Seeks Info on US Taxpayers Hiding Income

2 July 2008

The Department of Justice issued a press release on Monday advising that it has filed court papers to allow the IRS access to request information from UBS AG about US taxpayers who may be using Swiss bank accounts to evade federal income taxes.
The Times had previously reported that UBS might reveal up to 20,000 names [...]

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Will UBS Name Names?

6 June 2008

Will UBS name names as part of an ongoing investigation into its offshore accounts? Maybe.
The Times is reporting that UBS may reveal the names of up to 20,000 of its American clients as part of the investigation into alleged “tax irregularities.” A spokesman for UBS has, of course, declined to comment.
The US government [...]

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