IRS Launches Crackdown on Offshore Tax Evasion

[dbackjon]

The IRS is ratcheting up the pressure on Americans who kept secret Swiss bank accounts, giving them six months to come clean and cough up any evidence against their advisers or bankers.

Tax lawyers told The Associated Press Thursday that demands for information and evidence have increased sharply since the government sued UBS to try to get the names of tens of thousands of U.S. citizens who may have dodged taxes through Swiss accounts.



Putting the squeeze on rich Americans who hid their wealth, IRS Commissioner Douglas Shulman on Thursday also laid out a six-month window for those with secret offshore accounts to come clean under specific terms and penalties.

http://www.cnbc.com/id/29897220


About time, too. Hope all the tax cheats, lawyers/accountants/financial advisors get heavy fines/jail time (no offense danefan:))

[danefan]

No comment.

But......huge boom of business for my firm because of the voluntary disclosure program that started a few weeks ago................................

[dbackjon]

No comment.

But......huge boom of business for my firm because of the voluntary disclosure program that started a few weeks ago................................

We know the white-collar prisons have wi-fi, so we expect postings from there

Good to see a lot of people turning themselves in!

[danefan]

No comment.

But......huge boom of business for my firm because of the voluntary disclosure program that started a few weeks ago................................

We know the white-collar prisons have wi-fi, so we expect postings from there

Good to see a lot of people turning themselves in!

You'd be amazed by the number of people involved.

An interesting thing is that a lot of this money (its no secret) is reportedly Nazi money stolen in WWII that was put in Swiss bank accounts. US citizens inherited the money 2 generations down the road and didn't know what to do with it knowing that they'd could face potential criminal tax fraud liability in the US if they tried to access it. This is their opportunity to pay taxes on it in the US and get the money free and clear to spend in the US.

[dbackjon]

We know the white-collar prisons have wi-fi, so we expect postings from there

Good to see a lot of people turning themselves in!

You'd be amazed by the number of people involved.

An interesting thing is that a lot of this money (its no secret) is reportedly Nazi money stolen in WWII that was put in Swiss bank accounts. US citizens inherited the money 2 generations down the road and didn't know what to do with it knowing that they'd could face potential criminal tax fraud liability in the US if they tried to access it. This is their opportunity to pay taxes on it in the US and get the money free and clear to spend in the US.

That is interesting. I wonder how much is the Bushes?

[travelinman67]

That is interesting. I wonder how much is Soro's?

Damn! My exact thoughts, John.

[dbackjon]

That is interesting. I wonder how much is Soro's?

Damn! My exact thoughts, John.

touche