Attorney Gets 10-Year Sentence for $20M Tax Fraud
Salt Lake City (Aug. 19, 2008)
By WebCPA staff , WebCPA.com
A Utah attorney was sentenced to 120 months in prison and 36 months of supervised release after he was convicted of participating in a $20 million offshore tax fraud conspiracy.
In addition to jail time, Dennis B. Evanson of Sandy, Utah, was ordered by U.S. District Judge […]
Tax Haven Bank Secrecy Tricks
Senator Carl Levin (D-MI) revealed a list of “secrecy tricks” he said the UBS
bankers used to carry out their tax haven schemes. They include:
• Code Names for Clients
• Pay Phones, not Business Phones
• Foreign Area Codes
• Undeclared Accounts
• Encrypted Computers
• Transfer Companies to Cover Tracks
• Foreign Shell Companies
• Fake Charitable Trusts
• Straw Man Settlors
• Captive […]
Cayman Islands, Business and Tax Advantages Attract U.S. Persons and Enforcement Challenges Exist
The U.S. Government Accountability Office (GAO) has recently published, “Cayman Islands, Business and Tax Advantages Attract U.S. Persons and Enforcement Challenges Exist.”
The 57 page pdf can be found here.
Permanent Subcommittee on Investigations Issues Report On Tax Haven Banks Hiding Billions from the IRS
7/17/08 Press Release from Michigan Senator Carl Levin’s office-
WASHINGTON – At a Thursday hearing entitled, Tax Haven Banks and U.S. Tax Compliance, the latest in a series of hearings with insider information about the workings of the offshore industry, the Senate Permanent Subcommittee on Investigations will examine how tax haven banks facilitate tax evasion by U.S. […]
UBS, LGT Helped Hide Assets, Evade Taxes, Senate Says
UBS, LGT Helped Hide Assets, Evade Taxes, Senate Says (Update2)
By David Voreacos and Carlyn Kolker, Bloomberg.com
UBS AG and Liechtenstein bank LGT Group aided rich U.S. clients who wanted to disguise ownership of accounts and evade taxes on hidden assets, a Senate subcommittee said.
UBS, the world’s largest wealth manager, hid as much as $17.9 […]
IRS Taps Audit Firms to Probe Foreign Bank Role in Tax Cases
July 3 (Bloomberg) — The Internal Revenue Service summoned six of the biggest accounting firms to help detect foreign banks whose U.S. customers may be evading taxes through secret accounts, expanding an investigation that yielded a guilty plea by a former banker for UBS AG.
The IRS scheduled a July 8 conference call with the auditors […]
U. S. to seek client names from UBS in tax case
From Wall St Journal 5/15/08 article
“U.S. prosecutors are expected to confront Swiss banking giant UBS AG with a broad subpoena for the names of wealthy American clients who may have used its services to avoid income taxes, according to lawyers and others involved in the case.
The subpoena would follow an indictment, unsealed Tuesday in Florida […]
Swiss banks refuse blame for foreign clients’ tax evasion
From 5/5/08 International Herald Tribune:
Swiss banks cannot be expected to police foreign clients’ tax affairs, one of the country’s top banking officials said Monday, rejecting German demands for greater cooperation to catch tax evaders.
The president of the Swiss Bankers Association laid the blame for tax evasion squarely at the feet of governments that demand too […]
IRC §7201. Attempt to Evade or Defeat Tax
From IRS Website:
9.1.3.3.2 (08-11-2003)
IRC §7201. Attempt to Evade or Defeat Tax 1. IRC §7201 states in its entirety:Any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction […]
Internal Revenue Service Convictions for 2007
Trac Reports has published their Internal Revenue Service Convictions for 2007
The latest available data from the Justice Department show that during FY 2007 the government reported 1,081 new convictions which had been referred by the Internal Revenue Service. According to the case-by-case information analyzed by the Transactional Records Access Clearinghouse (TRAC), this number is down […]
