I.R.S. Debates Way to Deal With Foreign Tax Shelters
New York Times (12/3/08) is reporting the following:
The Internal Revenue Service is debating how to settle tax disputes with scores of wealthy American clients who use offshore private banking services sold by UBS and other foreign banks, according to lawyers who represent those clients.
The unusual discussion, which has reached the highest levels of the agency in recent weeks, centers on the question of the steep penalties — 50 percent annually of the sums parked in each account — typically levied on money hidden offshore. Clients who used undeclared accounts for years can owe the I.R.S. many times what those accounts hold, even before back taxes and interest.
The debate has swelled amid an investigation by the Justice Department into offshore private banking services sold by UBS, the world’s largest private bank, Credit Suisse and HSBC.
Click here for complete article.
Comments
One Comment on I.R.S. Debates Way to Deal With Foreign Tax Shelters
-
offshore bank accounts | Digg hot tags on
Wed, 3rd Dec 2008 2:47 pm
[...] Vote IRS Debates Way to Deal With Foreign Tax Shelters [...]
-
Subscribe via RSS
Translator
-
BlogRoll
