Tax Consequences for Customer Data Theft

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Identity theft is not a trivial issue. The costs to our national, state and local economies, businesses and individual consumers are substantial. According to Forbes, the 2009 estimated cost of identity theft was $54 billion. These costs are directly and indirectly passed on in the purchase price of goods and services. But the theft of customer data is not limited to third party hackers breaking into servers. There is another serious source of data theft — employees. The alleged theft of customer data by an employee of a major international financial institution, UBS AG, has brought about important tax changes in this area that may change the face of international banking for private clients forever.

Please see full article below for more information.

Please see full article below for more information.

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Published In: Criminal Law Updates, Finance & Banking Updates, Labor & Employment Updates, Privacy 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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Sanford Millar
Law Offices of Sanford I. Millar

Experience and Qualifications: Over 30 years of experience in domestic and international tax... View Profile »


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