They’re Coming Out of the Closet

27 Feb

It’s like the proverbial closet filled with mementos, trinkets, and old junk in addition to clothes not worn for years. And when it is opened, everything literally pours out. Today in Accounting Today for the Web CPA, there are three articles about Americans (no doubt continental america based citizens and NOT expats) and their previously hidden habit of hoarding their dollars in Swiss bank accounts so as to avoid paying taxes on their oft ill gotten millions.

The first article entitled, Credit Suisse Hearing Likely to Drive New Taxpayer Confessions implies that the ongoing Senate hearings about the IRS investigations of Swiss banking will bring about tax lawyers advising Americans who have been evading taxes through Swiss bank accounts to come forward and confess. Apparently up to 500 people each month are doing just this. Wow!!! There must be a lot of lying cheating stealing tax evading Americans in this sinking ship. Any expats? Doubt it.

The next article, Ex-UBS Banker Lack Pleads Guilty in 17-Year U.S. Tax Scheme, is about Martin Lack who became the fourth ex-UBS AG banker to plead guilty to aiding wealthy Americans evade taxes, admitting that for 17 years he helped U.S. clients maintain secret overseas accounts. He is one of a handful of offshore enablers of tax evasion to admit guilt since a U.S. crackdown began. About three dozen foreign bankers, lawyers and advisers have been charged.

The third article, actually published two days previously on February 25th, is entitled Credit Suisse Helped Clients Hide Up to $10 Billion, Senate Says. These big buck billions is more than double the amount previously known. It seems that, of the 1,800 bankers who serviced U.S. clients, only 10 have been disciplined and none was fired. According to the article, “to date, no bank executive or senior official at Credit Suisse has been identified as responsible for any of the misconduct in Credit Suisse’s cross-border activity, even though that activity went on for decades, involved tens of thousands of U.S. clients and billions of dollars. Somebody must have known something, but nobody’s saying nothing. If you ask me, it smells like something is rotten in Switzerland as well as Denmark. And I’m sure we’ll be hearing more about this as the rot is exposed, even though it may not get to the top of the heap.

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One Response to “They’re Coming Out of the Closet”

  1. renounceuscitizenship March 7, 2014 at 7:27 AM #

    Reblogged this on U.S. Persons Abroad – Members of a Unique Tax, Form and Penalty Club and commented:
    Good summary of some very topical news – the effect of the Levin inquisition.

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