Category: Tax Evasion and Fraud

Will Swiss Banks Hand Over Offshore Banking Info to U.S. on Tuesday?

According to the SonntagsZeitung and World Radio Switzerland 11 Swiss banks have until Tuesday, December 20, 2011 to agree to deliver detailed information about their U.S. offshore banking businesses in order to avoid legal action.

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Credit Suisse Discloses Account Records of 130 US Citizens to IRS

For the second time in the past two years, a Swiss bank has handed over client records to the IRS.  Rupert Neate reports in the Guardian that Credit Suisse, the second largest bank in Switzerland, has produced details on 130 Americans suspected of evading billions of dollars in taxes.

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IRS Announces Second Offshore Account Program Coming Soon

The IRS spokesman Frank Kieth recently said that the IRS would soon announced a second Offshore Voluntary Compliance Program for taxpayers who have unreported foreign bank accounts.  Details of the new program should be released soon and we will post an update on this program as soon as details are disclosed.

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Wikileaks Receives Tax Evasion Information from Rudolf Elmer

Earlier this week, former Swiss banker Rudolf Elmer gave Wikileaks documents that allegedly detail tax evasion by 2,000 high net worth individuals and corporations.  Mr. Elmer has been a tax evasion whistleblower for years and has previously leaked other bank account information.  Although this event was staged to occur before Mr. Elmer’s trial begins in Zurich for coercion and violating Swiss banking secrecy laws, it is another example of the rise of whistleblowers in identifying offshore bank account holders to tax authorities.

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