* US clients allege Swiss bank failed to advise properly * Lawsuits charge asset bankers have legal obligation to clients The case of a wealthy U.S. businessman who pleaded guilty to evading taxes but then sued the Swiss bank where he hid his money is scheduled to go to trial on May 8, the first…
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Sixth Circuit Affirms Conviction for Failure to File
U.S. v. MAGA UNITED STATES OF AMERICA, PLAINTIFF-APPELLEE, v. DOMINIC JOSEPH MAGA, DEFENDANT-APPELLANT. No. 10-4008. United States Court of Appeals, Sixth Circuit. Filed April 4, 2012. Before: COOK, WHITE, and DONALD, Circuit Judges Defendant-appellant Dominic Joseph Maga appeals a jury verdict finding him guilty of failing to file income tax returns. He contends that the…
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IRS Launching Second Wave of Investigations of Banks and Intermediaries
The Internal Revenue Service is launching a second wave of investigations on banks, bankers, intermediaries, and taxpayers as it continues to mine information it receives on offshore assets through its voluntary disclosure program, IRS Commissioner Douglas Shulman said April 5. “We have fundamentally changed the risk calculus of taxpayers who are thinking about hiding their…
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Shulman Leaving IRS at End of Term in September.
Internal Revenue Service Commissioner Douglas Shulman said April 5 that he will leave his post as the agency's top official when his five-year term of office ends in September 2012. In a speech at the National Press Club, Shulman said IRS has made major progress on priorities such as creating new capabilities and efficiencies through…
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