U.S., 14 Other Nations Sign OECD, Council of Europe Agreement on Cooperation in Tax Matters

Fifteen countries, including the United States, May 27 signed an update to a 1988 multilateral pact on administrative cooperation in tax matters that aims to provide a legal framework for…

Manhattan District Attorney Announces Three Cases on Assets Hidden in Swiss Bank Accounts

Criminal charges have been filed against three New York City residents for falsifying personal income tax by hiding assets in secret Swiss bank accounts held at…

Significant Number of Offshore Asset Cases to be Done by End of Year, IRS Officials Say

The Internal Revenue Service has assigned cases to agents for nearly all of the 15,000 taxpayers who came in under the special program to allow voluntary disclosures of offshore assets that…

Tax Attorneys Criticize Potential Prosecutions of Some Who Disclosed Offshore Assets

A group of criminal tax attorneys is criticizing the Internal Revenue Service for potentially bringing criminal charges against taxpayers who tried to tell the government about offshore assets under…

UBS Whistleblower Asks Obama to Commute 40-Month Prison Sentence to Time Served

The whistleblower who exposed UBS AG’s efforts to aid U.S. taxpayers in avoiding their U.S. tax obligations—who was sentenced to 40 months in prison for tax evasion despite…

Seven UBS Clients Charged with Hiding More Than $100 Million in Swiss Accounts

The Justice Department announced April 15 that seven clients of the Swiss banking giant UBS AG have been charged with collectively hiding more than $100 million from the Internal Revenue Service through…

New Jersey Man Pleads Guilty to Failing to Disclose $1 Million in UBS Account

An Oradell, N.J., man pleaded guilty April 12 to failing to file a report of foreign bank or financial accounts (FBAR) disclosing his accounts with UBS AG in Switzerland and to concealing more than…

U.S., Switzerland Announce Treaty Protocol to Allow Transferring of UBS Names to IRS

GENEVA – The United States and Switzerland signed a protocol March 31 allowing for the provisional application of their Aug. 19 agreement requiring Swiss banking giant UBS to hand over details on 4,450 secret bank accounts held by U.S. taxpayers.

Obama Signs Measure Creating $13 Billion in Tax Breaks for Businesses Hiring Workers

President Obama signed the HIRE Act (Pub. L. No. 111-92) into law March 18, creating tax breaks for businesses hiring new workers and extending higher expensing limits for small businesses that…

Attorneys Who Fail to Disclose Foreign Opposition May Face Sanctions, Justice Department Official Says

Attorneys who deal with foreign cases and documents were told March 5 by a Department of Justice Tax Division attorney that there is no Fifth Amendment…

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