A recent chapter of the Swiss Banks vs. the IRS saga features a plot twist; large Swiss bank UBS sues a wealthy American client.
UBS, Switzerland’s largest bank filed a lawsuit last week suing their former client, billionaire real estate developer, Igor Olenicoff for damages from a 2008 federal lawsuit he filed against the them. Janet Novack of Forbes’ article UBS Sues Billionaire Olenicoff in Offshore Tax Cheating Case explains this
[Read More]

More than 33,000 people reported offshore accounts to the IRS, resulting in revenue of more than $5 billion. But offshore accounts are only the beginning. The IRS is also looking at you.
———————————-
After the Internal Revenue Service and the U.S. Department of Justice negotiated a settlement with Swiss banking giant UBS to release account information, effectively piercing the once-impenetrable Swiss banking veil, U.S. officials offered a deal to taxpayers hiding money
[Read More]

The latest chapter of the IRS versus the Swiss bank saga shows just how far some Swiss bankers are willing to go to protect assets of their wealthy American clients from IRS detection. A Bloomberg article Swiss “Tax Evasion Advisers” Hid Assets, Used Kids reports on two recently indicted Swiss tax evasion advisors and their role in helping U.S. clients hide hundreds of millions of dollars from tax authorities using
[Read More]

In a recent post from the ongoing story of the IRS versus Swiss banks, Wegelin & Company and three of its executives were indicted for helping wealthy Americans hide $1.2 Billion in assets from the IRS. Since I wrote that last post, the story has morphed into Wegelin & Co. now facing U.S. criminal charges for their failure to appear in a Manhattan Court to address those charges. As Bloomberg
[Read More]

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
[Read More]

The latest chapter of the IRS versus the Swiss Banks, reveals U.S. Prosecutors taking on the oldest Swiss bank of them all: Wegelin & Co.,
An article in the Wall Street Journal entitled Swiss Bank Wegelin Indicted on U.S. Tax Charges, outlines the criminal charges filed by U.S. Prosecutors on February 2, 2012 against Wegelin & Co., Switzerland’s oldest bank (founded in 1741) alleging that Wegelin knowingly aided wealthy Americans in
[Read More]

Richard Werdiger, a former client of Swiss bank UBS, was sentenced to one year and one day in prison for conspiring to defraud the Internal Revenue Service. He had hid more than $7.1 million at UBS and evaded nearly $400,000 of taxes.
Werdiger pleaded guilty in March 2011 and agreed to pay a civil penalty of more than $3.8 million for his failure to report his overseas accounts to the IRS.
From
[Read More]

Earlier this year, there was a lot of heat over the UBS-IRS deal where thousands of taxpayers’ names were handed over to Uncle Sam for undisclosed overseas bank accounts. While the worst of the storm may have passed for now, it is imprudent for taxpayers with overseas bank accounts to let down their guards.
Last Tuesday, the IRS announced that it has dropped its case against UBS after the Swiss banking
[Read More]

Offshore banking is not the answer to evading taxes.  Offshore bank accounts- such as those with Swiss banks – have been glamorized in many movies and tv shows as the solution to stashing away extra cash with the idea of avoiding taxes.  If you haven’t been keeping up with the headlines, you may be surprised to find out that the IRS won an agreement that has given them access to an
[Read More]

After news broke last fall that the Swiss Bank, UBS was under attack for hosting undeclared, offshore accounts and holding seminars educating Americans on “overseas tax reduction strategies”, the Internal Revenue Service has now devoted a specific department focusing on individuals worth $10 million or more in assets, Multinational and International corporations participating in transfer pricing among other avenues potentially evading millions of U.S. tax dollars every year.  Anyone that
[Read More]

If you are hiding income in an offshore account, it’s not too late to come clean with the IRS.  Although the tax amnesty deadline for voluntary disclosure has expired (in November 2009), you can still get professional tax representation to help you possibly reduce severe tax penalties and work out a structured IRS payment plan.  At Tax Resolution Services, we recommend seeking tax help first before the IRS finds you.  If that
[Read More]

In the latest news about tax evasion charges for UBS account holders, five more has just been found guilty for hiding funds overseas.
According to Wall Street Journal, “A number of UBS clients have agreed to plead guilty to criminal charges for failing to report funds held overseas or by overseas entities.”
In many cases, people who know they are facing tax evasion charges will plead guilty for a lesser penalty than
[Read More]

The latest IRS step-up in tax collection crackdown has some 14,700 wealthy Americans shaking in their chairs. The IRS reports that it has been seeing an “unprecedented” number of Americans who have come forward before the October 15th amnesty deadline. Offshore account holders who voluntarily disclose their unpaid back taxes on foreign funds by this deadline are able to receive reduced IRS penalties.
For those who did not make the deadline
[Read More]

While the IRS is still busy sifting through some 7,500 names of Americans who disclosed their foreign bank accounts before the amnesty deadline earlier this month, Uncle Sam is already focusing its resources on catching other wealthy people who may have been evading taxes through other creative means aside from using foreign bank accounts.
This latest IRS reorganization program is lead by the “Global High Wealth Industry Group,” which will will
[Read More]

This Thursday’s deadline for Amnesty has many wealthy Americans with foreign bank accounts nervous and scrambling to get tax help from their tax attorneys. Don’t miss your chance of significantly reducing your likelihood of facing criminal prosecution–if you have foreign bank accounts (either with UBS or some other foreign bank) with funds that you have not paid taxes on, get tax help now before it’s too late.
The issue started this
[Read More]