Gary S. Wolfe is an International Tax Attorney with over 30 years experience, specializing in IRS Tax Audits and International Tax Matters including: International Tax Planning/Tax Compliance, and International Asset Protection.
By Susannah Nesmith and David Voreacos, Bloomberg.com
Former UBS AG executive Hansruedi Schumacher pleaded guilty to conspiracy to defraud the U.S. as part of the government’s prosecution of financial industry officials who help Americans dodge taxes.
Schumacher, 56, entered his plea Thursday in federal court in West Palm Beach, Florida.
Schumacher, who also worked at Neue Zuercher Bank and once ran the cross-border business for UBS, was indicted in August 2009 on a ch
The Department of Justice announced today that BSI SA, one of the 10 largest private banks in Switzerland, is the first bank to reach a resolution under the Department of Justice’s Swiss Bank Program.
“Because of the department’s continuing efforts to root out offshore tax evasion, Swiss banks are operating much differently today than they did just a few years ago, and the department’s Swiss Banking Program is a big part of that change,” said Acting Deputy Attorney General Sally Quill
The British Government is aggressively pursuing offshore tax evasion. In the past 4 years they have collected $147 billion in additional tax revenue from pursuing offshore tax evaders. By contrast the IRS 3 Offshore Voluntary Disclosure Programs (2009, 2011, 2012), over the last 5 years have only recovered less than $7 billion in unpaid taxes. Why is the British government’s tax collection more than 20 times the amount of the IRS tax collection for offshore tax evasion?
See recent art
by Ibrahim Warde, EqualTimes.org
The French tax authorities, striving to combat fraud, keep replaying the hall-of-mirrors scene from Orson Welles’ 1947 film The Lady from Shanghai where the jealous husband’s shots keep hitting the lady’s reflection in the mirrors, and eventually she escapes.
It will be the same for the investigation into HSBC’s Swiss subsidiary, HSBC Private Bank (Suisse), after a whistle-blower, computer engineer Hervé Falciani, leaked data on 106,000
In a recent article by Kevin Chupka, Preventing a financial fumble: Brett Favre’s advice to athletes, it is noted that within 2 years of retirement 78% of NFL players are under financial stress or broke and 60% of NBA players, are in similar straits within 5 years of retirement.
Recently, former baseball star Darryl Strawberry lost his deferred compensation to an IRS tax lien/levy sale where it was sold to the highest bidder at an IRS auction.
The solution is:
Robert De Niro Hit With $6.4M Tax Bill: A Cautionary Tale by Robert W. Wood, Forbes.com
Robert De Niro owed $6.4 million to the IRS for his 2013 tax return, but it appears he just learned of it. The Oscar winner’s tax debt surfaced in the Smoking Gun. Mr. De Niro has an estimated worth of over $200 million, and is reputed to spend $125,000 a month on his rental on Central Park West. In that sense, this tax bill doesn’t seem so large.
Serious Lessons From Comedian Chris T
On 2/24/15, the USA Today article, IRS Audit Rate for Individuals Drop by Kevin McCoy, confirmed that in 2014 the IRS Audit Rate dropped to .86% its lowest level since 2005.
Previously, IRS audits rose between 2005-2010 and have fallen 21.4% from 2011-2015.
In 2014 the IRS audited 1.1m taxpayers with income less than $200k (compared to 1.4m in 2010), and audited 34,000 taxpayers with income over $1m (compared to 41,000 in 2012).
Click link above for complete article. <
In a 2/25/15 Los Angeles Times article by David Pierson, (with statistics provided by San Francisco based California Wine Institute) it has been reported that exports of US wine in 2014 were the second most valuable on record, reaching $1.49B in revenue, with approximately 90% of US wine exports from California.
The volume of wine exports rose to 116.9 million gallons in 2014, up from 115 million in 2013 when wine export revenue reached $1.55B.
The EU was the largest buy
By Kevin McCoy, USA Today
A founder of famed New York City restaurant Le Périgord faces a potential three-year prison sentence that could take him away from the paragon of traditional French cuisine after he pleaded guilty to hiding income in offshore bank accounts.
Georges Briguet, 77, admitted during a Brooklyn federal court hearing Wednesday that he attempted to obstruct the IRS by concealing the funds for years in two Swiss banks.
Click link above for comple
It was another bad week for British bank, HSBC.
On Wed, 2/18, Reuters reported, Swiss Prosecutor Raids HSBC Office, Opens Criminal Inquiry
Geneva’s public prosecutor searched HSBC’s lakeside Swiss office on Wednesday after opening a criminal inquiry into allegations of aggravated money laundering, the second probe to hit the bank this week.
Then on Sunday, 2/22, The Guardian reported, Revealed: Swiss account secret of HSBC chief Stuart Gulliver