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Tag Archive for Swiss Banking

How Will the IRS Know About My Foreign Account?

Taxpayers who have financial assets outside the United States often ask the question “How will they (IRS) know about my Foreign Account?” when they are considering how (or whether) to come clean and inform the IRS about their previously undisclosed foreign financial accounts.

For years, there was little public knowledge of the U.S. government’s foreign financial reporting requirements, and enforcement of those rules was not always very strict. However, since 2008, a string of scandals involving foreign banks and investigations by the U.S. government into various non-U.S. financial institutions has garnered international media attention and changed the way governments around the world deal with offshore financial accounts. Read more

The Weil Not Guilty Verdict – Road Map For Future Criminal Defense Strategies?

We originally posted Ex-UBS Executive And Ex-Mizrahi Banker Found Not Guilty In Tax Evasion Trials! where we discussed that Jurors in federal court in Fort Lauderdale, Florida, found former UBS AG executive Raoul Weil not guilty of conspiracy to defraud the United States for his alleged role in helping nearly 20,000 U.S. clients hide $20 billion in assets from the Internal Revenue Service.

The decision comes as a significant blow to federal prosecutors, who had focused their efforts on convicting Weil, formerly the third-ranked officer at the Swiss banking giant as the head of its wealth management and business banking division and the most senior individual they targeted. Read more

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