When Offshore Asset Protection Is Really Tax Evasion
Posted on | January 31, 2010 |
It appears that the traditional veil of secrecy surrounding Swiss banking is crumbling. The New York Times is reporting that a former Swiss banker may cooperate with Congressional investigators looking for targets beyond Ernst & Young, KPMG, and Arnold and Porter (who were entangled in 2008) and UBS (2009) (See Also “Eight Signs Your California Tax Shelter or Offshore Asset Protection Trust Is Actually Tax Evasion“). There may be nothing wrong with taking money offshore after it has been taxed – and remember that tax avoidance is perfectly legal while tax evasion is not - but the IRS is investigating “banks that have enabled Americans to evade taxes.”
They may have the help of Rudolf M. Elmer, a whistle blower who has been posting the internal documentation of Swiss bank Julius Baer to wikileaks.org. The banks are accused of taking billions of dollars in accounts and secreting the unreported money in the Caribbean and Switzerland. Elmer’s insider knowledge is sought by investigators as they try to unravel the schemes that could lead to potential criminal and civil penalties. He has so far disclosed his documentation to the IRS, a Senate subcommittee investigating tax evasion and a Manhattan district attorney. The documentation covers trusts, companies and hedge funds, and allegedly includes Rancho Santa Fe resident Jonathan Lampitt of Jupiter Investment Groups. Elmer joins fellow whistle-blowers Bradley Birkenfeld and Heinrich Kieber. As the government plays catch-up, more information will likely become known.
Tags: asset protection > attorney > california > lawyer > off > san diego > shore > tax avoidance > tax evasion > Trusts
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February 3rd, 2010 @ 2:56 pm
[...] When Off Shore Planning and Asset Protection May Be Tax Fraud [...]