Tax Blog and News
Switzerland Begins Providing Account Information of Thousand of UBS Clients to U.S.
On August 26, 2010, the Swiss government said it had reviewed approximately 4,450 UBS client accounts and that half of the data had already been handed over to the United States.
Sales Tax Tweet – California State Board of Equalization joins Twitter
Receive California sales and use tax news by following the Tweets of the California State Board of Equalization
Swiss Court Allows Disclosure of UBS Account Information
On July15, 2010, Switzerland’s Federal Administrative Court rejected a UBS account holder’s complaint that sought to prevent the release of her client information to the U.S. tax authorities. The ruling is significant because it signals the likely end-game for UBS account holders with undisclosed accounts who had sought to prevent their account information from being delivered to the IRS.
HSBC Bank Clients Targeted in Tax Evasion Probe
HSBC appears to be the next target of U.S. government in its fight against offshore tax evasion. On June 21, 2010, the Department of Justice issued letters to HSBC clients informing them that they are subject to a criminal investigation.
Swiss Parliament Approves UBS Tax Deal
On June 17, 2010, Swiss Parliament approved a Swiss-U.S. tax agreement that requires UBS AG to provide information to the IRS on 4,450 U.S. persons with undisclosed accounts at the Swiss bank.
UBS Agreement with IRS To Turn Over Names of U.S. Account Holders Hits Another Road Block
Lower house of Swiss parliament rejects UBS agreement with the IRS to disclosuse client data of 4,450 U.S. UBS account holders.
UBS Deal Moves Closer to Approval by Swiss Parliament
After an announcement by one of the Swiss main political parties, SVP, it appears that the road for approval of the UBS deal by the Swiss Parliament is wide open.
U.S. to Investigate Thousands More Offshore Tax Evaders
The U.S. government expects to investigate thousands more cases of wealthy individuals dodging taxes through offshore bank accounts, in addition to the high profile and highly publicized case against UBS AG. It appears that in addition to probing the Swiss and Caribbean bank accounts, the U.S. may be looking at the Asian banks as well.
U.S. Government Brings New Cases Against Offshore Tax Evaders
Just as the April 15th deadline for filing income tax returns approached, the US government announced a bunch of new cases against the taxpayers who were hiding their assets in Swiss bank accounts. The parade of cases involved at least $145 million hidden in foreign bank accounts, according to the officials.
Another UBS Client Pleads Guilty
Another UBS client pleads guilty to failure to file FBAR forms related to his Swiss account.