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News & Events

Archive by Month: June 2016

IRS Reaches Out to HSBC For Info on Private Banking Customers

Offshore Account Update, UBS / HSBC

Posted in on June 29, 2016

The IRS and the Department of Justice have been on a long campaign of trying to get banks to turn over information on U.S. accountholders. A program called the Swiss Bank Program divided financial institutions into four different categories, with Category 3 and 4 banks in compliance with U.S. tax laws and Category 1 and 2 banks suspected of aiding U.S. citizens in evading tax obligations.

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Former Billionaire Guilty of Tax Evasion

Offshore Account Update

Posted in on June 15, 2016

In 2010, the Securities and Exchange Commission (SEC) brought charges against a billionaire named Sam Wyly. The SEC charges ended up resulting in a $300 million judgment in 2014.  Sam Wyly filed for protection from the bankruptcy court after the $300 million judgment. Unfortunately, the problem for Sam Wyly was that his SEC judgment and subsequent filing triggered a tax assessment for failure to pay taxes on the income he happened to have held offshore.

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