Credit Suisse has handed over the names of 1000 of its employees--former and current client advisors to US criminal authorities investigating tax evasion by Americans in Swiss accounts. These employees processed payments to the US clients. The information is expected to be used for more indictments of individuals in the US who committed tax...
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Category: Tax Fraud
Swiss banks to freeze American accounts unless clients prove taxes paid
Many Swiss banks are saying they will freeze accounts of their American clients unless they prove that they have complied with U.S. tax laws. This comes just before the deadline in July where banks in a program set up by the Department of Justice must show that their clients confirm to U.S. tax requirements.
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Bitcoin tax evader haven spawning in Jersey an island near France
The island of Jersey off the coast of France is being developed as the first location financed by Bitcoin currency. Although the island has a British Crown dependency, it is not part of the UK or the EU and it is self governing.
Bitcoin, a kind of virtual currency, is now accepted as a form...
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Americans stashing funds abroad to face broad-powered law effective July 1
As of July 1, any Americans trying to stash funds abroad to evade taxes will be faced with a comprehensive new law which requires banks, funds and other financial institutions around the world to report assets held by American clients or face a damaging 30% witholding tax.
So far more than 77,000 financial institutions have...
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IRS issues new rules for offshore accounts means tougher enforcement
Under new IRS rules for offshore bank accounts of U.S. citizens, the penalties for failure to come forward to the agency and report such holdings will result in significantly higher penalties--upto 50% of the balance in an accounts.
The changes are part of a five year effort of the agency to force greater tax compliance...
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U.S. companies shift to Britain to avoid taxes here
During the past year, a dozen major U.S. corporations including medica group Liberty Global, Chiquita Banana and Pfizer have started shifting their headquarters and tax base overseas, according to Reuters. Several have re-based their operations to London including Aon Plc, CNH Global N.V., Delphi Automotive, Esnco, Liberty Global and Noble Corporation.
UBS banker skirts jail for helping U.S. customers evade taxes but UBS pays $780 million
A former UBS AG banker who pleaded guilty to conspiring to defraud the United States by helping wealthy Americans evade taxes was sentenced to five years of probation by a U.S. judge on Tuesday. Martin Lack, a Swiss resident, pleaded guilty in February to a single conspiracy count and agreed to cooperate with U.S....
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US companies shift headquarters abroad avoiding taxes Ireland benefits most
Scores of US multinational companies have recently changed their tax base outside the US to escape the high tax rate here and this trend is threatening billions of dollars in tax revenue which is worrying the US treasury.
Moving headquarters of multinationals to another country is a practice called inversion and it allows a significant...
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Africa and Central Asia replacing Switzerland as offshore tax evasion havens
Recently Switzerland and Singapore agreed to share tax information about American tax evaders. On May 6, 34 members of the Organization for Economic Cooperation and Development (OECD) and 13 other nations signed an agreement on gathering tax-related information from financial institutions and will exchange it every year.
This means that for those trying to evade...
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Credit Suisse seeks to resolve aiding tax evasion investigation by Uncle Sam
Credit Suisse is trying to end tax evasion investigation by The Department of Justice (DOJ) but the DOJ wants the bank to plead Guilty to aiding tax evasion. The bank could pay as much as $1.6 billion to resolve the case. This settlement would exceed the settlement with UBS which paid $780 million to...
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