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    Following an extensive investigation by the United States Justice Department, Swiss banking giant Credit Suisse pleaded guilty on Monday to aiding U.S. clients evade taxes. Eric Holder, U.S. Attorney General stated that the bank was involved in an “extensive and wide-ranging conspiracy” to help U.S. taxpayers avoid tax liabilities on their offshore income. He added […]

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    The IRS’ (Internal Revenue Service) Criminal Investigation (CI) division issues informative reports for every fiscal year in order to highlight its main areas of focus. There were some important issues highlighted in the report for fiscal year 2013 published earlier this year in February. There was a 12.5% increase from 2012 in criminal investigations completed […]

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    Credit Suisse testifies before Senate about secret Swiss bank accounts and plans to provide more names to IRS. As the United States Department of Justice closes in on its search through FATCA for US taxpayers who hid their funds to avoid tax liability, several international banks and their employees have been charged with aiding these […]

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    In September 2013, Beanie Babies creator Ty Warner was in the news for evading taxes through offshore Swiss accounts. In October, Warner pleaded guilty to tax evasion; in January, he was sentenced in U.S. District Court to Chicago to 2 years’ probation and a minimum of 500 hours of community service. Warner also faces a […]

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    U.S. bank authorities are actively seeking to find and charge American taxpayers who are suspected of tax evasion by hiding assets and income in foreign bank accounts. Their newest efforts involve authorizing special summonses in order to gather information of American tax evaders of Switzerland’s Zurcher Kantonalbank and Bermuda’s N.T. Butterfield & Son. Even though […]

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    Another Swiss executive joins the growing list of Swiss bankers and executives who have been charged with allegedly aiding wealthy Americans in tax evasion. Raoul Weil, former head of UBS’s global wealth management business and a Swiss Citizen, was arrested in Bologna on October 19. In November 2008, when he was still working with UBS, […]

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    Vic Abajian, attended the annual Tax Controversy Institute on October 22, 2013. This is his 12th year attending. The institute brings together sophisticated tax practitioners from the federal government, judiciary, and private practice to discuss and debate the procedures, policies, and strategies that are involved in resolving difficult tax controversy issues. Future challenges of the […]

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    United States’ government continues to track down tax evaders with offshore accounts under FATCA (Foreign Account Tax Compliance Act), which not only requires individuals to report their financial accounts held outside of the United States, but also compels foreign financial institutions to report to the Internal Revenue Service (IRS) about their American clients. Ty Warner, […]

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    The IRS and Swiss banks have formed a deal that could expose Americans who hid their assets in Swiss banks to avoid tax liability. The long running dispute between the IRS and Switzerland might finally come to a resolution with the Swiss banks complying with FATCA (Foreign Account Tax Compliance Act). Those with offshore accounts […]

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    In 2008, a former employee of the Swiss global financial services institution, UBS, made a statement that the Swiss bank was actively helping U.S. Citizen Accountholders to evade US tax liability. This sparked the United States law called FATCA (Foreign Account Tax Compliance Act), which not only requires individuals to report their financial accounts held […]

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