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April 2015 Archives

Swiss Banks Trying to Force U.S. Clients to Disclose

Facing billions of dollars in potential fines at the hands of U.S. authorities, Swiss banks are scrambling to convince their American clients to voluntarily disclose their accounts to the IRS.

Dozens of Indicted Swiss Bankers Still at Large

As the Department of Justice continues its efforts to prosecute individuals involved in offshore tax evasion, approximately two dozen indicted Swiss bankers remain fugitives in Switzerland.

How the IRS can increase your audit window

Tax Day has come and gone, and usually comes the time of the year when people start to worry about their taxes potentially being flagged by the Internal revenue Service. An audit is possible, though the likelihood of such a reality is very low. Still, it is good to be knowledgeable of the subject, and last week we wrote a post about audits and some of the timetables for a person being audited.

FATCA to Face Legal Challenge in the United States

The Foreign Account Tax Compliance Act (FATCA), a U.S. law passed in 2010 that requires foreign financial institutions to exchange information with the IRS about American account holders, is set to face challenges in both the courts and in Congress.

Swiss Enabler Pleads Guilty

A former Swiss banking executive has pleaded guilty in a Florida court to charges of helping U.S. clients evade taxes. Hansruedi Schumacher, who cooperated with the U.S. government and testified in another prominent offshore prosecution, will face sentencing later this year.

First Bank Reaches Deal as Part of U.S. "Swiss Bank Program"

Swiss bank BSI SA has admitted to helping U.S. clients evade taxes and entered into a non-prosecution agreement with the U.S. Department of Justice, in a deal that requires the bank to pay a $211 million penalty and turn over the names of 3,000 American account holders. They are the first of more than 100 Swiss Banks to officially enter into a non-prosecution agreement.

Two Credit Suisse Bankers Receive Slap on the Wrist at Sentencing

Two former Credit Suisse bankers have received extraordinarily light sentences after pleading guilty and cooperating with the Department of Justice in its case against the Swiss Bank. Josef Dörig and Andreas Bachmann were each sentenced to five years' probation and a fine, sentences that are substantially lower than the recommendations under the Sentencing Guidelines.

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