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February 2014 Archives

Time is Running out to Report Assets Held in Swiss Banks

Swiss banks seeking non-prosecution agreements ran out of time to apply for the US Department of Justice's (DOJ) amnesty program on December 31, 2013. Before the amnesty program closed, the DOJ announced that 106 banks sent letters of intent to participate. Banks that made it into the program will be required to provide the DOJ with information pertaining to US account holders and advisors affiliated with US-related accounts and will be required to pay penalties tied to the balance of the US-related accounts no later than April 30, 2014 (unless a 60-day extension is granted).

Jeweler Hopes to Avoid Prison on Tax Evasion Charges

Michael Hoffman, a jeweler in Grand Rapids, MI, is hoping that the court will grant him mercy when he is sentenced on Thursday for filing false corporate and personal income tax returns. The 59-year-old has asked for home confinement and probation, so that his business might survive.

Swiss Banks Prepare to Strike a Deal with U.S. Regulators

More than 100 Swiss banks and other financial institutions are expected to seek non-prosecution agreements and provide U.S. authorities with information regarding clients suspected of offshore tax evasion. The announcement, given by Assistant Attorney General Kathryn Keneally, gave insight as to exactly how many Swiss banks are expected reveal how they assisted U.S. clients evade taxes, provide financial data about those clients, and pay any fines that may come as a result.

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