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.

Read More

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.

Read More

Thorn Law Group

Get Trusted Help Now

Over 80 years of expertise for your complicated tax law issues.

Back to the top