TaxConnections


 

Archive for Swiss Bank Accounts

UBS Singapore Forced To Turn Over Records of US Taxpayer

Ron Marini

On August 28, 2013, we discussed the US putting pressure on Swiss Banks, acknowledging 2009 as the time when Switzerland’s biggest bank UBS agrees to turn over more than 4,450 client names and pay a $780 million fine after admitting to criminal wrongdoing in selling tax-evasion services to wealthy Americans.

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The Swiss Bank Program is Over So What Countries are in the DoJ Sites Now?

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On January 28, 2016 we posted DOJ Swiss Bank Program is Over After Netting $1.36 Billion! where we discussed that the Department of Justice announced on January 27, 2016 that it reached its final non-prosecution agreement under Category 2 of the Swiss Bank Program, with HSZH Verwaltungs AG (HSZH). The department has executed agreements with 80 banks, since March 30, 2015, when it announced the first Swiss Bank Program non-prosecution Read more

Former US Citizen Pleading Guilty to Tax Fraud

Marini124

We previously posted DOJ Swiss Bank Program is Over After Netting $1.36 Billion! where we discussed that thee Department of Justice
announced on January 27, 2016 that it reached its final non-prosecution agreement under Category 2 of the Swiss Bank Program, with HSZH Verwaltungs AG (HSZH). The department has executed agreements with 94 banks. Under the program, the swiss banks are required to:

Make a complete disclosure of their cross-border activities; Read more

DoJ is Following The Money Trail Disclosed By Swiss Bank’s to Singapore and Israel!

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On October 15, 2015 we posted OVDP Penalty Increased To 50% For 55 Foreign Banks Asset Management Firms! which supplements our earlier post OVDP Penalty Increased To 50% For 48 Foreign Banks! , where we discuss that in accordance with the terms of the Swiss Bank Program, each bank mitigated its penalty by encouraging U.S. account holders to come into compliance with their U.S. tax and disclosure obligations. Under the program, banks are required to:

• Make a complete disclosure of their cross-border activities;
• Provide detailed information on an account-by-account basis for accounts in which U.S. taxpayers have a direct or indirect interest;
• Cooperate in treaty requests for account information; Read more

2 More Swiss Banks, 57 Total, Are Turning Over Your Names To The IRS – What Are You Waiting For?

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We previously posted OVDP Penalty Increased To 50% For 55 Foreign Banks Asset Management Firms! well now make 57 (54 Banks +1 Asset Management Firm) including “The 1st Swiss Asset Management Firm To Turn Over Names of US Clients Over to the IRS!

The IRS announced on October 16, 2015 that BBVA Suiza S.A. and on October 23, 2015 that et Galland & Cie SA Reaches Resolution under Swiss Bank Program.

“The multiplier effect that these agreements have on tax compliance non-willful, cannot be underestimated,” said Chief Richard Weber of IRS-Criminal Investigation (CI).

“The magnitude of the data provided by each of these agreements leads us to: more & Read more

Bank Leumi Executives To Repay Bonuses As A Result of U.S. Tax Deal

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We previously posted “Bank Leumi to Face $300 Million Settlement Option to Close an Investigation Regarding Their Aiding Americans to Evade Taxes:” now we know that Bank Leumi’s non-prosecution deal with the US Department of Justice requires it to also disclose the identities of 1,500 American account holders to the Internal Revenue Service. US citizens with undisclosed accounts at the Israeli bank may now be at risk of civil penalties, prosecution and disqualification from the US’ offshore voluntary disclosure program.

Leumi reported that it is the first Israeli bank to reach a settlement with U.S. authorities. The agreement with the DoJ requires the Bank Leumi Group to pay a fine of $270 million. The agreement with the DFS requires the Bank Leumi Group to pay a fine of $130 million. Read more

The 1st Swiss Asset Management Firm To Turn Over Names of US Clients Over to the IRS!

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On September 28, 2015 we posted “Oh Oh, We Are Half Way There … 50 Swiss Banks Are Turning Over Their US Client’s Names… Living on a Prayer?” where we discussed that the number of Swiss banks that have entered deferred prosecution agreements with the U.S. government keeps growing.

Now Finacor SA, a Swiss Asset Management Firm, has reached a resolution with the department through a non-prosecution agreement.

Finacor submitted a Letter of Intent to participate as a Category 2 bank in the department’s Swiss Bank Program.

Although it was ultimately determined that Finacor was not eligible for the Swiss Bank Read more

Oh Oh, We Are Half Way There … 50 Swiss Banks Are Turning Over Their US Client’s Names

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The number of Swiss banks that have entered deferred prosecution agreements with the U.S. government keeps growing. The IRS keeps updating its list of foreign banks where the holders of these offshore accounts are subject to a 50% (rather than 27.5%) penalty in the IRS’s Offshore Voluntary Disclosure Program (OVDP). This penalty is based on the highest account balance measured over up to eight years.

On September 17, 2015 we posted “48 Swiss Banks Are Turning Over Their US Client’s Names”, well make that 50 now. The IRS recently added St. Galler Kantonalbank AG (SGKB) and E. Gutzwiller & Cie, Banquiers on 9/17/15. The complete list is as follows, as of 9/17/15: Read more

Changes Are Coming To The FBAR FATCA Reporting For Expats

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The new “Highway Fund Extension Act” has some interesting additions having nothing to do with highways including Veterans Health Care Choice Improvement. AND new tax due dates for corporate and other forms.

The main change that will be of interest to all EXPATS is the due date for the FBAR form here is the text direct from the act:

“The due date of FinCEN Report 114 (relating to Report of Foreign Bank and Financial Accounts) shall be April 15 with a maximum extension for a 6-month period ending on October 15 and with provision for an extension under rules similar to the rules in Treas. Reg. section 1.6081–5. For any taxpayer required to file such Form for the first time, any Read more

3 More Swiss Banks Agree To Turn Over Names of US Depositors

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On Monday, July 13, 2015, we posted 2 More Swiss Banks Agree to Turn Over Names of US Depositors bringing the Total to 29 Banks!” well make that 31 now.

Now the Department of Justice announced on July 16, 2015 that Mercantil Bank (Schweiz) AG, Banque Cantonale Neuchâteloise and Nidwaldner Kantonalbank have reached resolutions under the department’s Swiss Bank Program.

Mercantil Bank (Schweiz) AG is based in Zurich and initiated operations in 1988.  Its main focus is private banking, which offers wealth management services to individuals and private investment companies.  Mercantil opened, serviced and profited from accounts for U.S. clients and knew or should have known that many of its U.S. clients Read more

2 More Swiss Banks Agree to Turn Over Names of US Depositors

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On Wednesday, July 8, 2015 we posted More & More Swiss Banks Turn Over Names to the DOJ! Bring the Total to 27 Banks!” well make that 29 now.

Now the Department of Justice announced on  July 9, 2015 that two banks, Banque Pasche SA and ARVEST Privatbank AG, have reached resolutions under the department’s Swiss Bank Program.

Banque Pasche and ARVEST have provided detailed information regarding the ways in which Swiss banks helped U.S. taxpayers conceal foreign accounts and evade their U.S. tax obligations, including through the use of numbered and coded accounts and sham offshore entities.” Read more

South African Tax Man’s Message To HSBC Account Holders

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The South African Revenue Service (SARS) has announced an amnesty of sort – a threat and upfront warnings: we do know about you, best you come forward before we make the tax audit into your affairs known.

On July 9th, 2015, SARS issued a press release, which can be read in more detail on:

http://www.sars.gov.za/Media/MediaReleases/Pages/9-July-2015 – – – South-Africans-with-accounts-and-investments-in-foreign-tax-jurisdictions.aspx

The International Consortium of Investigative Journalists (ICIJ), based information obtained by French newspaper Le Monde, ranked South Africa number 31 among the countries with the largest amount of dollars ($2.3blion) in the so-called leaked Swiss Read more

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