Archive | February, 2014

Senate probe accuses Swiss bank of helping rich Americans evade taxes

February 28, 2014  |   Posted by :   |   International Investors,Tax Evasion,Unreported Income   |   0 Comments

By Jim Puzzanghera, LATimes.com A Senate subcommittee investigation accused Swiss banking giant Credit Suisse of using elaborate “cloak and dagger” methods to hide the accounts of 22,000 wealthy American citizens with a total of up to $12 billion in assets from U.S. authorities so they could avoid paying taxes. The bipartisan probe also sharply criticized […]

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Offshore Tax Evasion Will Be Focus of Senate Hearing

February 26, 2014  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

By David Voreacos and Cheyenne Hopkins, Bloomberg.com The U.S. Senate Permanent Subcommittee on Investigations will hold a hearing on a crackdown on offshore tax evasion that has stalled as prosecutors conduct criminal probes of 14 banks, including Credit Suisse Group AG. The hearing will focus on “the status of efforts to hold Swiss banks and […]

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Form 8925 – Report of company Owned Employee Life Insurance

February 21, 2014  |   Posted by :   |   International Investors   |   0 Comments

Please see 2009 IRS Notice as well as an article on this rule. If a company purchased life insurance on employees or directors after 8/17/06, the company satisfied the notification and annual information reporting requirements. They must report the number of people covered under these policies and the aggregate face value of the policies on […]

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U.S. Justice Dept. Targets Former UBS Banker and Swiss Asset Manager

February 19, 2014  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

A former senior UBS private banker has agreed to plead guilty in connection with a criminal indictment for selling offshore tax-evasion services to wealthy Americans, according to court documents. The former banker, Martin Lack, is a Swiss national who was indicted in 2011 in Florida on a charge of conspiracy to defraud the United States. […]

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IRS & the Estate of Michael Jackson

February 14, 2014  |   Posted by :   |   International Tax Planning,IRS Tax Audits   |   0 Comments

The IRS and the Estate of Michael Jackson are litigating estate taxes in U.S. tax court. The IRS asserts the estate owes $702 million (i.e. $505 million in tax, $197 million in penalty). Jackson’s executor valued his estate at $7 million, the IRS value is $1.125 billion. Among the tax disputes: 1. The Estate valued […]

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Spanish Princess Testifies in Hearing

February 12, 2014  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

Testifying in the first-ever criminal proceeding against a member of Spain’s royal family, the king’s youngest daughter Saturday denied involvement in her husband’s business dealings, lawyers said following the lengthy closed-door session. The princess, Infanta Cristina, and her husband, former Olympian-turned-businessman Iñaki Urdangarin, are under investigation for possible tax fraud and money-laundering. Their legal woes […]

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Leaked Records Reveal Offshore Holdings of China’s Elite

February 08, 2014  |   Posted by :   |   Tax Evasion   |   0 Comments

More than a dozen family members of China’s top political and military leaders are making use of offshore companies based in the British Virgin Islands, leaked financial documents reveal. The brother-in-law of China’s current president, Xi Jinping, as well as the son and son-in-law of former premier Wen Jiabao are among the political relations making […]

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IRS Offshore Voluntary Disclosure Program 2014

February 05, 2014  |   Posted by :   |   Tax Evasion,Voluntary Disclosure   |   0 Comments

Kathy Keneally, U.S. Assistant Attorney General, advised that 106 Swiss banks have agreed to non-prosecution agreements with the U.S. government and will provide data on those U.S. taxpayers who hid assets in these Swiss banks. These Swiss banks are sending letters to these U.S. customers advising them to enter the IRS Voluntary Disclosure program. In […]

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