The Swiss government has ordered Credit Suisse, the country’s second-largest bank, to hand over information on undeclared bank accounts held by U.S. taxpayers, a move that represents the latest escalation of U.S. efforts to tear down Switzerland’s previously impenetrable wall of banking secrecy. Credit Suisse AG, Switzerland's second-largest bank, has begun notifying certain U.S. clients…
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Disregarded Entities Are Not Always Disregarded
Under the check the box rules, entities owned by one person can often be disregarded for federal tax purposes. Such entities are referred to as "disregarded entities." As time has progressed since the passage of the check the box rules, the IRS has created more and more exceptions to the disregarded treatment. The following…
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Switzerland, Liechtenstein Among 11 ‘Tax Havens'
President Nicolas Sarkozy Nov. 4 named 11 jurisdictions that he said the world's leading economies consider “tax havens,” because they have failed to adequately adopt or implement legal systems to allow tax information exchange and transparency. Countries Identified as Havens. In his final press conference in which he described summit outcomes, Sarkozy said that, in…
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No Swiss payment offer over U.S. tax probe
addImpression("12391142_Related Interactive"); removeImpression(); ZURICH, Nov 4 (Reuters) - Switzerland has not offered a financial settlement to end a U.S. tax investigation into a number of Swiss banks but remains willing to hand over bank client names as part of any deal, a government spokesman said on Friday.Basler Kantonalbank , Credit Suisse and Julius Baer are…
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