UBS has agreed to turn over 4,450 names of U.S. account holders to the IRS for alleged tax evasion. The IRS is currently investigating over 150 U.S. taxpayers for allegedly moving funds off-shore to conceal assets and not pay U.S. taxes.
The IRS says that U.S. taxpayers can come clean and voluntarily disclose under the current tax amnesty program, which ends September 23. The IRS will allow voluntary disclosure up until the time UBS turns over the names. UBS is notifying the 4,450 account holders of the pending disclosure. The IRS says that the taxpayers can wait to see if they receive a letter from UBS. However, if they want to participate in the amnesty program, they must come clean before they are identified.
The clock is ticking. If you want to voluntarily disclose, contact us to assist you in this incredibly emotional and stressful matter.
Part 2: Dirty Little Secrets
With the headlines on the IRS pursuing concealed assets, one could easily forget that there are non-tax reasons why someone might wrongly hide assets. These include against a spouse in divorce, a creditor in bankruptcy or a business partner in dissolution.
If a divorced couple signed joint returns while married, the IRS may notify the other spouse of previously undisclosed assets revealed under the tax amnesty program. These are grounds for the other spouse to march back into court and have set aside the previous property settlement. Similar events would play out for prejudiced creditors and business partners. Of course, there are criminal ramifications for such things as lying under oath.
The piercing of Swiss banking secrecy laws will have far-reaching effects. Think it through. Talk to us.
To find out more about Jeanne's practice, Click Here. If you wish to discuss these issues in more detail, please contact Jeanne at jkerkstra@chuhak.com or 312-855-4337.
--------------------------------------------------------------------------------
Jeanne M. Kerkstra, Esq., CPA
Chuhak & Tecson, P.C.
This material is intended for educational purposes only. The conclusions expressed are those of the author and do not necessarily reflect the views of Chuhak & Tecson, P.C. While this material is based on information believed to be reliable, no warranty is given as to its accuracy or completeness. Concepts expressed are current as of the date appearing in this material only and are subject to change without notice.
TAX ADVICE NOTICE: The Internal Revenue Service now requires specific formalities before written tax advice can be used to avoid penalties. This communication does not meet such requirements. You cannot contend that IRS penalties do not apply by reason of this communication.
|
