(Reuters) U.S. authorities are moving toward taking legal action against Wegelin & Co, which could lead to an indictment of one of Switzerland's last pure private banks, on charges that it enabled wealthy Americans to evade taxes, according to two persons with knowledge of the case. The latest turn in the Wegelin case comes amid…
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Late-Filed State Returns Are Not Returns For Purposes of Discharge in Bankruptcy
In re McCoy, No. 11-60146 (5th Cir. 1/4/12): Debtor's late-filed state income tax returns not considered returns for bankruptcy discharge purposes under plain language of statute. Facts: Taxpayer (T) filed for bankruptcy in September 2007. T received a discharge in January 2008, and in December 2008 returned to commence a post-discharge adversary proceeding against…
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Swiss Banks Expell US Customers!
Swiss regional bank Zuercher Kantonalbank told U.S. customers it was closing their accounts, a Swiss newspaper reported, as the bank, embroiled in a U.S. tax investigation into Swiss banks, pulls back from the risky offshore business. Zuercher Kantonalbank calls time on U.S. clients-paper - (Reuters) Read more at: Tax Times blog
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Another Felony Criminal Tax Prosecution!
United States v. Quinn (D. KS 2011) is one of several recent felony tax prosecutions, not for tax evasion, but for violation of Internal Revenue Code Section 7202. IRC Section 7202 makes it a felony to willfully fail to collect, account for, or pay over any tax due. In this case Ms. Quinn failed to…
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