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News & Events

Archive by Month: August 2011

IRS’s New Amnesty Program for Undisclosed Offshore Account Holders Comes at a Critical Time: Wegelin & Co. Officials Indicted

Offshore Account Update

Posted in on August 20, 2011

Wegelin & Co. officials, who facing criminal charges of helping Americans evade taxes, failed to appear at a Manhattan court hearing on February 11, 2012. Wegelin is the first overseas bank to be indicted by the U.S. for aiding tax fraud, federal prosecutors say. These new developments will likely result in the turn over of more U.S. client data to U.S. authorities.

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IRS’s New Amnesty Program for Undisclosed Offshore Account Holders Comes at a Critical Time: Basler Kantonalbank Turns Over U.S. Client Data

Offshore Account Update

Posted in on August 19, 2011

The IRS reported that eight banks, including the Swiss bank Basler Kantonalbank, turned over U.S. client data on taxpayers suspected of tax evasion on January 30, 2012. This does not put an end to the negotiations between the U.S. and Switzerland; three more banks are still expected to turn over client data and a total of 11 banks, also including Basler Kantonalbank, are expected to pay heavy fines.

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IRS’s New Amnesty Program for Undisclosed Offshore Account Holders Comes at a Critical Time: Credit Suisse Turns Over U.S. Client Data

Offshore Account Update

Posted in on August 18, 2011

The IRS reported that eight banks, including the Swiss bank Credit Suisse, turned over U.S. client data on taxpayers suspected of tax evasion on January 30, 2012. This does not put an end to the negotiations between the U.S. and Switzerland; three more banks are still expected to turn over client data and a total of 11 banks, also including Credit Suisse, are expected to pay heavy fines.

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IRS’s New Amnesty Program for Undisclosed Offshore Account Holders Comes at a Critical Time: Julius Baer Turns Over U.S. Client Data

Offshore Account Update

Posted in on August 17, 2011

The IRS reported that eight banks, including the Swiss bank Julius Baer, turned over U.S. client data on taxpayers suspected of tax evasion on January 30, 2012. This does not put an end to the negotiations between the U.S. and Switzerland; three more banks are still expected to turn over client data and a total of 11 banks, also including Julius Baer, are expected to pay heavy fines.

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Swiss Banks Turn Over US Client Data with Undisclosed Offshore Accounts

Offshore Account Update

Posted in on August 16, 2011

On January 30, 2012 eight Swiss banks, including Credit Suisse, Julius Baer, and Basler Kantonalbank turned over U.S. client data on taxpayers suspected of tax evasion. This does not put an end to the negotiations between the U.S. and Switzerland—three more banks are still expected to turn over client data and a total of 11 banks are expected to pay heavy fines. Among the 11 banks include: Credit Suisse, HSBC Holdings Plc, Basler Kantonalbank, Wegelin & Co., Zuercher Kantonalbank, Julius Baer Group Ltd., Bank Leumi Le-Israel BM, Bank Hapoalim BM, Mizrahi-Tefahot Bank Ltd., Liechtensteinische Landesbank AG, and NZB AG.

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