Tax News - January 4, 2012


Three Swiss bankers were charged last Tuesday by the IRS for helping wealthy American taxpayers avoid paying taxes on more than $1.2 billion of taxable income. Following the same modus operandi of offshore tax evasion in the past, this money was stashed in secret bank accounts overseas. This accusation is the latest indictment in the long-drawn battle the IRS is waging against offshore tax evasion.

Federal prosecutors in Manhattan allege that the three bankers, who are all based in Switzerland, helped start and maintain dozens of undeclared Swiss bank accounts in 2008 and 2009. The identity of the bank is not immediately known. Apparently, this was done to recoup business lost by UBS Bank of Switzerland and another Swiss bank after the IRS cracked down on tax evasion in UBS that resulted in UBS bank paying a hefty fine of $780 million and being compelled to disclose personal banking details of more than 4,000 of their American customers suspected of dodging taxes to the IRS.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

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

Written by:


The Law Offices of Darrin Mish, P.A. on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.