Tax News - January 4, 2012

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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.

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