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Monthly Archives: December 2013

Walliser Kantonalbank Becomes the Latest Swiss Bank to Accept US Deal.

Yesterday we posted "Today is the Swiss Bank's Deadline to Reveal Hidden US Accounts to the IRS!" which discussed that approximately 300 Swiss Banks have until the end of today, Monday December 16, 2013, to decide whether to turnover their records to the IRS.

Today Walliser Kantonalbank became the latest Swiss bank to Accept US Deal.to avoid prosecution.

Walliser Kantonalbank said in a statement that it had never focused on acquiring American clients but that it was unable to guarantee that all U.S. customers had fully complied with their U.S. tax obligations.

About 100 banks are expected to take part in the scheme by the end of the year.

The U.S. Department of Justice (DOJ) warned Swiss banks in a statement last week that they took the risk of being targeted and prosecuted if they didn't join the program.

The US Can Use Swiss Data for Enforcement Actions! The new agreement makes clear that “personal data provided by the Swiss banks… will be used and disclosed only for purposes of law enforcement (which may include regulatory action) in the United States or as otherwise permitted by US law.”

 

Have Un-Reported Income From a Swiss Bank?

Value Your Freedom?


Contact the Tax Lawyers at
Marini & Associates, P.A.
  
for a FREE Tax Consultation Contact US at
or Toll Free at 888-8TaxAid (888 882-9243) 

Source:

Reuters

Read more at: Tax Times blog

Israel No Longer a Tax Haven!

Moshe Asher: The Tax Authority plans to provide information to relevant countries about foreign residents' capital in Israel.

"We won't be a tax haven for foreign residents," said Israel Tax Authority director general Moshe Asher at the conference of the CPA Association of Jerusalem conference today December 17, 2013. 

He said that the Tax Authority planned to provide information to relevant countries about foreign residents' capital in Israel, and that these countries will reciprocate about the foreign assets of Israelis.

Asher said that foreign banks already provide information about Israeli citizens, under an expedited procedure at the Ministry of Justice. He advised relevant parties to Voluntarily Disclose information. 

This could be a result of efforts made by the US to crack down on US Citizen's with undeclared Israeli Bank Accounts. We discussed this crack down in our posts IRS Continues Cracks Down on Undeclared Israeli Bank Accounts! and More Tax Problems for U.S. Citizens with Foreign Bank Accounts in Israel.
  
Have unreported income from an Israeli Bank?
Felling a Bit Faclept?
Contact the Tax Lawyers at  

Marini & Associates, P.A.

for a FREE Tax Consultation at: 
Toll Free at 888-8TaxAid (888 882-9243).

Source:

Read more at: Tax Times blog

The 2nd Ex-UBS Banker is About to Blow The Whistle on His US Clients!

We previously posted "Raoul Weil the Ex-UBS Banker Is Coming To America to Rat You Out!...Contact M&A Immediately!" where we discussed that the former head of UBS's wealth management division, Raoul Weil, has agreed to be extradited to the US to face charges.
 
US authorities issued an international arrest warrant for Weil in early 2009, just months after he was charged with allegedly conspiring to help 17,000 American clients of Swiss bank UBS avoid taxes.
 
We also discussed that another UBS Banker, Bradley Birkenfeld (See our post:IRS awash in whistleblowers after $104M payout!) who became a whistle blower and was awarded a $104 million reward from the U.S. Internal Revenue Service and this may happen all over again, now that Raoul Weil is being extradited to the US
 
PhotoWell it now appears fairly obvious that he has Cut A Deal with the IRS, since a Florida judge granted him $10.5 million bail today Monday December 16, 2013. Weil appeared in shackles and a gray prison jumpsuit three days after he was extradited from Italy. He did not enter a plea and his arraignment was postponed until January 7.
U.S. Magistrate Judge Patrick Hunt agreed to let Weil stay with friends in New Jersey after putting up the bond, which included $9 million in a personal surety by Weil, $500,000 from the New Jersey family and the other $1 million a corporate surety bond signed with a bail bondsman.

If convicted, he faces up to five years in prison for conspiracy to commit tax fraud.The judge ordered Weil be placed on a GPS monitoring system and surrender his passport.

The fact that Weil bonded out, may be an indication that he is in the process of making a deal with prosecutors. 
 
Was This Guy Your Banker?

 Are You One of the 17,000 American Clients?

Contact the Tax Lawyers at  

Marini & Associates, P.A.

for a FREE Tax Consultation at: 
Toll Free at 888-8TaxAid (888 882-9243).

 

 

Sources:

Reuters

Swissinfo.ch 

Guardian

Read more at: Tax Times blog

Today is the Swiss Bank's Deadline to Reveal Hidden US Accounts to the IRS!

Approximately 300 Swiss Banks have until the end of today, Monday December 16, 2013, to decide whether to turnover their records to the IRS.

"I can confirm that the deadline is this evening, at the end of the business day," a spokesman for Swiss financial market regulator FINMA, told AFP, refusing to say how many banks had already signed up to take part in the program.

On Thursday, August 29, 2013, we previously posted "Swiss Banks Agree to Plan to End Past US Tax Evasion Issues!" where we discussed that under a deal reached between Bern and Washington, Swiss banks are ready to pay hefty fines for sheltering United States tax fugitives under the terms of a new deal approved by the Swiss Government. 

Finance Minister Eveline Widmer-Schlumpf, who negotiated the deal with Washington, made a last minute appeal today to the banks, urging them to join the program.

Several cantonal banks announced today, Monday December 16, 2013, that they will be taking part in the US tax declaration program which should enable them to escape prosecution for not revealing information regarding possible US tax evaders.

The larger financial institutions include:

  • Aargau
  • St. Gallen
  • Zug
  • Graubünden
  • Lucerne
  • Vaud
  • Geneva and 
  • Nidwalden.

They collectively, acting upon the advice of Swiss Financial Market Supervisory Authority (FINMA), have opted to place themselves in Category 2, on the grounds that they cannot rule out the possibility that they may have clients who evaded taxes in the US.
The cantonal banks of: 

  • Schwyz 
  • Basel Country
  • Appenzell
  • Glarus and Uri  

chose Category 4, stating that they did not have US residents as clients and had very few clients with an American passport. In fact Fewer than 2% of all of Bank Schwyz’s customers came from outside of Switzerland or the EU. 
Swiss banks have until the end of the year to take part in the deal struck with the US and signed in August. Our previous post "
Swiss Banks Agree to Plan to End Past US Tax Evasion Issues!" describes the banks penalty framework as:

  • 20 per cent of the maximum aggregate value of all undeclared US accounts that existed on 1 August 2008,

  • 30 per cent of the maximum aggregate value of the accounts opened between 1 August 2008 and 28 February 2009, and

  • 50 per cent of the maximum aggregate value of accounts opened after 28 February 2009.
The new US-Swiss agreement will also require disclosure, to the United States, of the US financial institutions, US persons and the intermediaries who guided the US persons, who where connected with “US Related Accounts” that were maintain by the Swiss Banks.

This exposes the institutions and persons to possible prosecution for Conspiracy to Commit US Tax Evasion and, for the individuals, Failure to File the Foreign Bank Account Report.

There is a major probability that the US persons who have or had accounts at Swiss banks were not all just tax evaders, but who also are or were hiding the proceeds of crimes committed in the United States, such as public corruption, fraud, money laundering and others.

These persons now have a higher probability of being prosecuted for these crimes and of having their Swiss money be the subject of asset recovery efforts by the US government or private sector victims.

In any case, all US persons who are Swiss account holders will have to answer to the IRS, which has a wide array of tools to determine the source and destination of funds.

In a statement announcing the agreement, Deputy Attorney General, James M. Cole said...


“Now is the time for all US taxpayers who hid behind Swiss bank secrecy laws or have undeclared offshore accounts in other… countries to come forward and resolve their outstanding tax issues with the United States.”

The US Can Use Swiss Data for Enforcement Actions! The new agreement makes clear that “personal data provided by the Swiss banks… will be used and disclosed only for purposes of law enforcement (which may include regulatory action) in the United States or as otherwise permitted by US law.”

 

Have Un-Reported Income From a Swiss Bank?

Value Your Freedom?


Contact the Tax Lawyers at
Marini & Associates, P.A.
  
for a FREE Tax Consultation Contact US at
or Toll Free at 888-8TaxAid (888 882-9243) 

Sources:


Read more at: Tax Times blog