The Internal Revenue Service (IRS) and the U.S. Department of Justice have been going after Swiss banks for years for allegedly facilitating tax evasion among U.S. residents. The Swiss Bank Program was created in order to encourage banks to come forward, pay a fine and report account information voluntarily to the IRS. Banks that came forward could avoid criminal prosecution.Read More
UBS / HSBC
Posted in on June 12, 2015
The effort to fight against tax evasion is a global one. Not only have countries joined together to require the reporting of offshore accounts but taxing authorities throughout the world are also conducting their own independent investigations against banks that facilitate tax evasion. UBS AG, in particular, has been targeted by multiple countries. The United States launched a full-scale investigation of the bank and settled the case back in 2009. Now, France is also conducting an investigation into the same bank.Read More
The crackdown on banks continues, as UBS AG once again faces legal questions from the IRS and the Justice Department. Federal authorities are not only going after banks that helped clients hide cash in offshore accounts, but they are now looking at whether UBS AG facilitated the purchase of investments that are banned in the United States. The new DOJ and IRS probe is focused on whether UBS allowed the purchase of bearer securities as part of efforts to help clients evade US tax obligations.Read More
IRS issues summonses to five US Banks for account holders suspected of tax evasion.Read More
Patricia Lynn Hough, of Englewood, Fla., was convicted today by a jury in Fort Myers, Fla., of conspiring to defraud the Internal Revenue Service.