Yesterday we posted More Swiss Bank Files Being Transferred to the IRS! - where we discussed that Credit Suisse AG has handed over more internal documents to U.S. authorities. "The documents concerned comprise e-mail correspondence, including attachments, with clients domiciled in the U.S., as well as internal e-mail correspondence, including attachments, about clients domiciled in the…
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Swiss Bankers Expecting Large Cash Outflows
UBS has confirmed that the Swiss banking industry is expecting large cash outflows due to the recently agreed bilateral withholding tax treaties with Germany, Austria and the UK. Switzerland's second largest bank Credit Suisse made similar remarks last week. UBS expects Swiss banks to see European clients withdraw "hundreds of billions of francs" as a…
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More Swiss Bank Files Being Transferred to the IRS!
Credit Suisse AG is handing over more internal documents to U.S. authorities in response to Washington's crackdown on tax evasion, according to one of its internal memos. All client-specific data have been removed from the business records that will be transferred, as they were from the first batch of records. The employees whose names are…
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Justice Department Announces New Directive to Fight Stolen Identity Refund Fraud
The Justice Department's tax division announced Sept. 18 a new directive (No. 144) aimed at streamlining the prosecution of stolen identity refund fraud (SIRF) cases. Tax Division Directive 144, which takes effect on Oct. 1, 2012, will allow prosecutors in U.S. Attorneys’ Offices that designate a point of contact for SIRF cases to open tax-related grand…
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