tag:blogger.com,1999:blog-1519969502186924526.post5828644517611478668..comments2023-10-24T08:00:53.865-05:00Comments on Federal Tax Crimes: UBS, Perhaps, Does Not Know When to Quit or Tell the Truth (2/14/15)Jack Townsendhttp://www.blogger.com/profile/14469823736335455874noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-1519969502186924526.post-28253929525077459092015-02-15T10:19:06.068-06:002015-02-15T10:19:06.068-06:00http://www.texasbankers.com/TABC/TABCNews/Florida_...http://www.texasbankers.com/TABC/TABCNews/Florida_and_Texas_Bankers_Associations_to_Continue_Efforts_to_Protect_Foreign_Depositors.aspx<br /><br />It is no surprise that the US banks are now fighting the reciprocity of FATCA and other international exchange agreements. <br /><br />Here is an excerpt:<br /><br />"In the appeal, the Florida and Texas Bankers Associations plan to argue the following:<br /> <br />• This is not a case about U.S. tax avoidance, as interest earned by foreign non-residents on bank accounts is not subject to federal taxation in the United States;<br /> <br />• All bank accounts in the United States are already subject to extensive depositor identification requirements, including the Bank Secrecy Act;<br /> <br />• Bank deposit information is already accessible by federal tax and law enforcement agencies, as well as state and local authorities, through individual administrative requests, hundreds of thousands of which are uniformly provided;<br /> <br />• The concern on the part of the banking industry is the new feature of the regulation calling for the automatic sharing of depositor information with home countries including countries where bank customers understandably fear the release of their personal finances.<br /><br />"<br />It is the same argument that Swiss banks have made.<br />Are there any US banks that hold criminal or undeclared(to a foreign government) accounts? <br />Texas alone has already seen an outflow of $500 million.Andre Weissnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-72615912212498090832015-02-09T08:08:42.622-06:002015-02-09T08:08:42.622-06:00Thanks, I will post some excerpts on the article....Thanks, I will post some excerpts on the article. Please pass on such items in the future.<br /><br />Jack TownsendJack Townsendhttp://www.tjtaxlaw.com/noreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-15925451653139371542015-02-09T02:49:00.359-06:002015-02-09T02:49:00.359-06:00Not sure if you saw this recent article on HSBC Sw...Not sure if you saw this recent article on HSBC Switzerland but further confirms some of your worst criticisms of the Swiss banking system (and these shenanigans apply not just to US but to global taxpayers): http://www.theguardian.com/business/2015/feb/08/hsbc-files-expose-swiss-bank-clients-dodge-taxes-hide-millionsgottaloveUStax1noreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-21610969777660834202015-02-06T13:20:31.745-06:002015-02-06T13:20:31.745-06:00Foreign stocks and bonds held directly may not be ...Foreign stocks and bonds held directly may not be reportable on the FinCEN 114 (FBAR), but they are generally reportable on the Form 8938 with your 1040 beginning in 2011 forward, assuming you otherwise meet the filing criteria. In other words, if it were a legal way to completely avoid disclosing these assets, it is no longer the case. <br /><br />Obviously, if the stocks/bonds were in a foreign financial account, then the account may be reportable on the FinCEN 114 as well as the 8938.Guest Esqnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-39998288871715779492015-02-06T11:07:39.440-06:002015-02-06T11:07:39.440-06:00But FBAR instructions specifically say that stocks...But FBAR instructions specifically say that stocks and bonds directly held are not reportable on the FBAR. So this is a perfectly legal way to avoid FBAR requirements, just as is cash under a (foreign) mattress.CCCCnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-40194759505118989272015-02-05T11:50:29.131-06:002015-02-05T11:50:29.131-06:00Thanks, sissyfussy,
Your comments are great as us...Thanks, sissyfussy,<br /><br />Your comments are great as usual!<br /><br />Jack TownsendJack Townsendhttp://www.tjtaxlaw.com/noreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-36654085360066036872015-02-05T11:36:25.868-06:002015-02-05T11:36:25.868-06:00One wonders if these are old situations. What the ...One wonders if these are old situations. What the (obviously leaked) story does indicate is that exploration of Swiss banking shenanigans is far from over. (A cynic might notethat the leaked story coincides with the the AG confirmation hearings--your readers will note that the US Attorney for SDNY (Brooklyn) is one Lorretta Lynch, the AG nominee.)<br /><br /><br />And don't you love commencing the "independent investigation" designed to find that senior officials at the bank knew nothing and that the activity was limited to a narrow group of "renegades?<br /><br /><br />Next up: insurance wrappers--buy a life (or other) insurance policy wrapped around an offshore investment account, and freely access the money through loans while the investment income accumulates tax free. Not as toxic as bearer securities but were retailed to US taxpayers for sure, and were tax equivalent of a nominee Swiss account. The French and German tax authorities have been on to this scheme for a number of years. CS was a player too.<br /><br /><br />Wonder how the settlements were worded--do they cover sort of related activity or were they narrowly confined. <br /><br /><br />Keep up the great work Jack.sissyfussynoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-49836595299250466482015-02-05T01:38:52.873-06:002015-02-05T01:38:52.873-06:00Thanks for sharing this amazing information and I ...Thanks for sharing this amazing information and I really<br />enjoy it .Please keep it up in future I am waiting for new post here.<br /><br /><br /><br />http://www.helpfortax.com/taxservices.php"><br /><br />Plano tax serviceBRAJVIR SINGHnoreply@blogger.com