Julius Baer Faces U.S. Tax Authorities
Two articles recently published in the Wall Street Journal demonstrate that current Swiss offshore collection tactics are working to bring Swiss banks and American account holders into U.S. tax compliance. The latest bank to feel the heat of enforcement efforts is the Julius Baer Group, the largest private bank in Switzerland. Julius Baer, hoping to avoid U.S. indictment, is already preparing to incur stiff fines from U.S. authorities for hiding American tax evaders, even though the bank has since ceased its U.S. offshore business in fall of 2008.
Both the Swiss and U.S. governments are hammering out the details of a sweeping settlement that would include all eleven Swiss banks believed to be harboring American account holders. Meanwhile, U.S. prosecutors are already going after individual Swiss banks such as The Julius Baer Group, Credit Suisse, Wegelin & Co. and UBS (who in 2009, settled the tax matter by paying a $780 million fine, turned over the 4,500 client names, and admitting wrongdoing).
The Julius Baer Group stock and profits have fallen in the last year due to a slowdown in client activity. This story is far from over and again shows the willingness and endurance of the U.S. government to go after both individuals and banks attempting to keep assets hidden.
To learn more, read the articles below:
Julius Baer Expects Fine in Tax Probe
Swiss Banks Seek to Dodge U.S. Indictment
More Tax Help, IRS News and Tax Relief Tips:
- Doctor Sentenced for Failing to File FBAR Reports
- Swiss Bank Wegelin Indicted for U.S. Tax Evasion
- Offshore Tax Evaders Get Preferred IRS Help
- Swiss Pressured to Reveal All Offshore Accounts
- IRS Holds Taxpayers Responsible – No Matter What
Tags: Credit Suisse, IRS enforcement, IRS penalties, Julius Baer, offshore tax settlement, tax cheats, tax evasion, tax help, tax resolution expert, The Julius Baer Group, U.S. indictment, U.S. presecutors, U.S. tax authorities, UBS, Wall Street Journal, Wegelin & Co.
