Permanent Subcommittee on Investigations Issues Report On Tax Haven Banks Hiding Billions from the IRS

7/17/08 Press Release from Michigan Senator Carl Levin’s office-
WASHINGTON – At a Thursday hearing entitled, Tax Haven Banks and U.S. Tax Compliance, the latest in a series of hearings with insider information about the workings of the offshore industry, the Senate Permanent Subcommittee on Investigations will examine how tax haven banks facilitate tax evasion by U.S. [...]

Source: http://feeds.feedburner.com/~r/IRSTaxAuditNews/~3/341815370/

UBS, LGT Helped Hide Assets, Evade Taxes, Senate Says

UBS, LGT Helped Hide Assets, Evade Taxes, Senate Says (Update2)
By David Voreacos and Carlyn Kolker, Bloomberg.com
 UBS AG and Liechtenstein bank LGT Group aided rich U.S. clients who wanted to disguise ownership of accounts and evade taxes on hidden assets, a Senate subcommittee said.
UBS, the world’s largest wealth manager, hid as much as $17.9 [...]

Source: http://feeds.feedburner.com/~r/IRSTaxAuditNews/~3/339187253/

Day of Reckoning? Super Rich Tax Cheats Outed by Bank Clerk

Technician in Liechtenstein Turns Over Names of Americans With Secret Bank Accounts
By BRIAN ROSS and RHONDA SCHWARTZ, ABCNEWS.GO.COM
July 15, 2008—
Hundreds of super-rich American tax cheats have, in effect, turned themselves in to the IRS after a bank computer technician in the tiny European country of Liechtenstein came forward with the names of US citizens who [...]

Source: http://feeds.feedburner.com/~r/IRSTaxAuditNews/~3/336317038/

IRS Taps Audit Firms to Probe Foreign Bank Role in Tax Cases

July 3 (Bloomberg) — The Internal Revenue Service summoned six of the biggest accounting firms to help detect foreign banks whose U.S. customers may be evading taxes through secret accounts, expanding an investigation that yielded a guilty plea by a former banker for UBS AG.
The IRS scheduled a July 8 conference call with the auditors [...]

Source: http://feeds.feedburner.com/~r/IRSTaxAuditNews/~3/325950146/

International Tax Compliance - Definition of U.S. Person

“Each year, in the United States alone, offshore tax evasion produces an estimated $100 billion in unpaid taxes that could help pay for health care, education, and more. It’s time to put an end to offshore tax dodging that robs the U.S. Treasury of needed funds.” —Statement of Senators Carl Levin (D-Mich.) Norm Coleman (R-Minn.), [...]

Source: http://feeds.feedburner.com/~r/IRSTaxAuditNews/~3/313220172/

International Tax Compliance - IRS Tax Audit Strategy

Private placement life insurance is a pre-emptive IRS audit tax strategy that transforms taxable ordinary income and capital gains into tax-free income (with no income tax reporting required under current U.S. Law).  Please reference IRS Private Letter Ruling 200244001 (May 2, 2002).
For U.S. Persons with investment income, private placement life insurance provides for compliant, [...]

Source: http://feeds.feedburner.com/~r/IRSTaxAuditNews/~3/305481542/

U. S. to seek client names from UBS in tax case

From Wall St Journal 5/15/08 article
“U.S. prosecutors are expected to confront Swiss banking giant UBS AG with a broad subpoena for the names of wealthy American clients who may have used its services to avoid income taxes, according to lawyers and others involved in the case.
The subpoena would follow an indictment, unsealed Tuesday in Florida [...]

Source: http://feeds.feedburner.com/~r/IRSTaxAuditNews/~3/291818656/

Probe May Lay Open UBS

From Wall St Journal article 5/8/08: 
US prosecutors are investigating whether the private bank, which provides services to wealthy individuals, was involved in tax-evasion schemes that may have been carried out through Liechtenstein, a European principality that was beyond the reach of US tax officials. The US investigation is being aided by a former UBS insider [...]

Source: http://feeds.feedburner.com/~r/IRSTaxAuditNews/~3/291085594/