Foreign Tax Evaders Park Money in US Banks

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Even as the IRS wages war against offshore banks that solicit deposits from US citizens in attempts to evade paying taxes on them, US banks are playing the same game with foreign depositors. ‘Move your cash to our country. We will keep it safe and secret,’ seems to be their pitch.

Incidentally, that was the tune sung by Swiss banking giant UBS Bank that was recently forced to pay millions of dollars in fines and admit to covertly courting US taxpayers to deposit money with them in their bank’s accounts protected by Swiss banking laws.

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Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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