In the most recent case of government’s crackdown on offshore tax evasion, a Florida psychiatrist, who together with her husband founded two Caribbean medical schools, was found guilty of conspiring to defraud the Internal Revenue Service and filing false tax returns.
Wegelin & Co, the oldest Swiss private bank, will shut down permanently after more than 250 years of operations, following its guilty plea to U.S. charges of helping Americans to evade taxes through secret accounts.
On June 26, 2012, the IRS made an Announcement IR-2012-65, rolling out the newest program in a plan to help US citizens residing overseas, as well as dual citizens, to catch up with their US tax filing obligations and provide assistance for people with foreign retirement plan issues. T
Credit Suisse has provided U.S. investigators with the information related to U.S. account holders.
New IRS Rules will require U.S. banks to report interest payments to nonresident aliens starting January 1, 2013.