Word: taxed
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...Birkenfeld is caught up in the latest in a series of efforts by the feds to crack down on wealthy tax cheats and the bankers, accountants and lawyers who help - and in fact, often convince - them to set up offshore accounts not properly reported to the IRS. (It is legal to have an offshore account; hiding it is the no-no.) On Thursday the Senate's Permanent Subcommittee on Investigations will hold a hearing on how banks in offshore tax havens may be helping Americans evade taxes. The hearing adds momentum to efforts already under...
...private bankers from Zurich and Geneva to the Isle of Jersey off the coast of England are assuming a bunker mentality. One private banker in London, caught up on events at UBS, responded, "My God, we're doomed." Says Reuven Avi-Yonah, a professor and director of the international tax program at University of Michigan Law School: "The whole world of private banking is full of this stuff. In some ways, UBS has been singled out unfairly...
...Visa to track the spending of U.S. citizens using credit cards issued in Antigua, the Bahamas and the Cayman Islands, leading to hundreds of audits and criminal investigations. In a landmark 2005 case, the accounting firm KPMG admitted its employees had criminally generated at least $11 billion in phony tax losses, often routed through the Cayman Islands, which cost the U.S. $2.5 billion in tax revenue...
...current wave of prosecutorial zeal kicked off in February when German authorities arrested Klaus Zumwinkel, the CEO of Deutsche Post and one of the country's most prominent businessmen, for allegedly evading some $1 million in taxes by funneling money through foundations in Liechtenstein. The German tax cops got the goods on Zumwinkel with their own bit of skulduggery: they bought records stolen by a former employee of the Liechtenstein bank LGT Group, owned by that Alpine nation's royal family. Other tax authorities piled on, including the IRS. In February, the IRS said it was investigating more than...
Liechtenstein also figures in the UBS case. In addition to Birkenfeld, the Department of Justice has charged Mario Staggl, a banker in Liechtenstein, who remains in that country and at work. In his guilty plea, Birkenfeld said he, Staggl and others helped create sham entities in tax havens like Switzerland, Panama, the British Virgin Islands, Hong Kong and Liechtenstein to conceal the fact that U.S. citizens owned accounts. According to an agreement UBS and other banks signed with the U.S. government in 2001, UBS should have insisted its clients file ownership forms with the IRS but in many cases...