Political commentators sometimes opine that in a democracy, we get the government we deserve. As a broad sociological statement, perhaps there is some truth in this statement. For individual taxpayers, however, it is difficult to understand why the IRS fails to provide better customer service. In this post, we will […]
This is a follow-up to our post two weeks ago on the hearing in Congress on the status of U.S. investigations into alleged offshore tax evasion facilitated by Swiss banks. As we noted in our February 20 post, the large bank at the center of the current controversy is Credit […]
Switzerland’s finance minister told a Swiss newspaper that the country planned to adopt a much more friendly position in regards to sharing bank client data with foreign tax authorities much more quickly than originally thought and cannot hold back until all other countries have introduced the practice. Forty-two countries have […]
With the recent global crackdown on tax evasion in full swing, Standard Chartered PLC is seeking a buyer for its Swiss private bank put on the block by Italian insurance giant Assicrazioni Generali SpA. While Standard Chartered still has plans to grow its private banking in other financial hubs including […]
A federal judge ruled today that Texas’s ban on same-sex marriage violates the U.S. Constitution. Federal judges in three other states have issued similar rulings in the last three months. In that sense, today’s ruling in Texas could constitute a contribution to a cultural tipping point. For our purposes of […]
The multi-front effort by U.S. authorities to enforce reporting requirements for offshore accounts is taking place on a complicated international stage. As we discussed in our September 6 post last year, there has been considerable pushback by U.S. taxpayers against the stepped-up enforcement. Surprisingly large numbers of those taxpayers have […]
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 […]
Tax evasion charges can be of many different types. Sometimes, tax evasion is charged on its own, apart from any other offenses. We discussed such a case in our December 2 post last year, concerning a former football player with ties to Texas who bought into a bogus anti-tax argument […]
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 […]
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. “Mr. Hoffman acknowledges […]