No Safe Tax Havens Anymore. (Time to Disclose is Running Out)

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The 2011 , Second Supplement Offshore Voluntary Disclosure Initiative (OVDI) ends August 31, 2011 and with it goes the opportunity for taxpayers with offshore financial accounts to come clean, avoid criminal prosecution (for tax evasion, other crimes) and report unreported income . To emphasize the importance of making a voluntary disclosure there were three items of note are in the news during the week of July 11, 2011 week. First, Credit Suisse announced that its private banking unit was being investigated by the justice department for aiding U.S. taxpayer in evading income taxes.

This investigation follows the investigation that led to the prosecution of UBS AG and the disclosure of thousands of account records to the IRS. UBS AG paid a reported $780 million USD as part of a deferred prosecution agreement. Over 18,000 voluntary disclosures were filed in the 2009 Voluntary Disclosure program. The prospect of thousands of account records being delivered by Credit Suisse should therefore seem very high.

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Published In: Criminal Law Updates, Finance & Banking Updates, International Trade Updates, Tax Updates

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.

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