Thursday, December 20, 2012

The new IRS Form 433-A (OIC) has a Built in Calculator!


The new IRS Form 433-A (OIC) has a built in calculator.

After completing the Collection Information Statement, and plugging in the numbers; it caculates the Offer amount.

Who needs a 3rd party caculator?

Need an Offer in Compromise?

Contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).

Wednesday, December 19, 2012


Marini & Associates, P.A.

Wishes you
a Very Merry Christmas,
Greetings of the Season and
a Happy & Prosperous 
New Year !

International & Tax Litigation
¡Feliz Navidad y Prospero Año Nuevo!

 

IRS Proposes Regulations and Guidance for Whistleblowers!

 
The IRS issued proposed regulations on Decmeber 14, 2012 for whistleblower awards under Secs. 7623(a) and (b), as well as rules governing the disclosure of return information under Sec. 6103(h) to pursue these claims (REG-141066-09). The proposed regulations provide general rules for submitting information to the IRS, definitions of key terms, rules for administrative proceedings, and criteria for determining the size of an award.

Sec. 7623(a) permits the IRS to pay awards to whistleblowers at its discretion. Any amount payable under Sec. 7623(a) is paid from the proceeds of amounts collected by reason of the information provided, and any amount collected is available for these discretionary payments.

Sec. 7623(b) provides that qualifying individuals will receive an award of at least 15%, but not more than 30%, of the collected proceeds resulting from the action that the IRS proceeded on based on the information the whistleblower provided to the IRS.

Prop. Regs. Sec. 301.7623-1 provides the general rules for submitting information on underpayments of tax or violations of tax laws and filing claims for awards. This section lists the information required to be submitted to file the claim and the people who are ineligible to claim an award. The list of ineligible claimants includes Treasury Department employees, government officials, and individuals who are required by law to disclose the information.

Prop. Regs. Sec. 301.7623-2 defines key terms of the whistle blower program.

Prop. Regs. Sec. 301.7623-4 contains the criteria the IRS will apply in determining the size of the award under Sec. 7623, which is based in part on how substantial the claimant’s contribution was in obtaining the collected proceeds and whether the claimant was involved in the act that gave rise to the proceeds.

Prop Regs. Sec. 301.6103(h)(4)-1 authorizes Whistleblower Office employees to disclose return information to the extent necessary to conduct whistleblower administrative proceedings. The regulations provide that the Whistleblower Office should use confidentiality agreements to protect from unauthorized disclosures of information disclosed to claimants.

The regulations are proposed to apply to information submitted on or after the date the final regulations are published or to claims that are open on that date. However, Prop. Regs. Sec. 301.7623-4 is not proposed to apply to claims under Sec. 7623(a) that are open on the date the final regulations are published, so that the IRS can continue to apply consistent rules to open claims under Sec. 7623(a). The IRS also requested comments on these proposed effective dates.

Need Experianced Advice and Representation on Making a Sucessful Whistleblow Claim?

Contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).

 

 



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Tuesday, December 18, 2012

Switzerland to Stop Individuals from Depositing UNTAXED Funds in Swiss Accounts.


Swiss government has prepared draft regulations intended to stop individuals depositing untaxed funds in Swiss bank accounts or other financial instruments. 

The federal finance ministry announced plans for new ‘enhanced due diligence’ requirements in a consultation document published in February this year. The draft code has now been written to take into account criticism from the banking sector and others, and will be published in full in the new year.

The Federal Council wants to prevent banks and other financial intermediaries from accepting untaxed assets with enhanced due diligence requirements.
In its meeting on December 14, 2012, the Federal Council instructed the Federal Department of Finance (FDF) to submit a corresponding consultation draft at the start of 2013. The content of the consultation draft and its schedule should be in line with the implementation of the revised FATF Recommendations. At the same time, the Federal Council took note of the FDF's appointment of a group of experts which is to draw up the basis for the longer-term orientation of the financial market strategy.
The Federal Council is stepping up its efforts to combat abuses in the area of money laundering and taxation. With the planned implementation of the revised recommendations of the Financial Action Task Force (FATF), serious tax offences will be qualified as predicate offences for money laundering in future. In the event that they suspect money laundering, financial intermediaries should also report these cases to the Money Laundering Reporting Office Switzerland.

Within the scope of the due diligence requirements to prevent the acceptance of untaxed assets, it is envisaged that the financial intermediary will be able to request a self-declaration from clients on the fulfilment of their tax obligations. The self-declaration will serve as an indicator of the tax-compliant conduct of the client. However, there is no self-declaration obligation.

However, the proposals will not require banks to obtain undertakings from all clients that their assets are properly taxed. Instead, each bank will apply due diligence procedures it considers appropriate to the money laundering risk posed by each individual client. Banks can devise their own codes of practice for this purpose, though they will have to comply with overall regulations set by the supervisory authority FINMA.

Financial institutions will beauthorised to request a self-declaration from clients on their tax compliance, but there will be no obligation on clients.
 
Undeclared Income from a Swiss Bank Account?
Contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).
 



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Friday, December 14, 2012

An Interview with Jon McBride and the Hidden Facts behind his FBAR Judgment!


Anthony Parent's post FBAR Defendant Jon McBride warns others to come clean regarding his interview with Jon McBride about the facts surrounding his FBAR penalty judgment is worth reading.

What he did could have happened to anybody. Victimized in a ponzi-scheme, he claims the IRS taxed him on income he never received. And then because he represented himself at audit, that process did not go so well.

Even though McBride had no control to distribute money from foreign accounts, the court held that his "tacit control" was tantamount to "actual control," thus the FBAR penalties were appropriate.

Jon"s advice to anyone who hasn't come clean: OVDI is a "no-brainer," he says.

If you have Un Reported Income from Foreign Bank Accounts, contact the Tax Lawyers at Marini& Associates, P.A. for a FREETax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).

Monday, December 10, 2012

IRS SFR Unit Not Accepting International Case Closures


In SBSE-05-1112-086, Scott Reisher, Director, Collection Policy, instructed the ASFR unit not to currently accept international standalone case closures. This memorandum indicates that all cases meeting Automatic Substitute For Return criteria (ASFR), will be referred to IRS's campus in Memphis, Tenn.

The ASFR Unit is currently not accepting international standalone del ret closures under IRM 5.1.11.6.3.1. All Cases meeting ASFR criteria under IRM 5.1.11.6.3.1 will be referred to the Memphis Campus.

In the interim, international revenue officers should follow the closing instructions under IRM 5.1.11.6.3.2(2) and select the "Exam Referral" option listed below:

1. Select "Exam Referral" on ICS to close the ICS Del Ret module(s)

2. Document the total IRP amount(s) for each tax year in the ICS history

3. Document the reason for not using ASFR referral in the ICS history

"ASFR International block"

4. Prepare a secure email "e-referral" to the Memphis campus using the email address

*CTR CS HINF-SFR GCP

5. Use "HINF-SFR" as the subject of your email

6. Include the following in your email message

Subject: HINF-SFR

Taxpayer’s TIN: NNNNNNNNN (no dashes)

Have and International Collection Problem?

Contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).





 

Amazon's Billion Dollar Tax Dodge.


LUXEMBOURG, Dec 6 (Reuters) - In 2005, Amazon rented a historic five-story building in Luxembourg's Grund quarter, right at the bottom of a steep rock-walled valley below the old town. By setting up in Luxembourg, and channeling sales through its units there, the world's biggest online retailer could minimize corporate taxes.

Amazon's Luxembourg arrangements have deprived European governments of hundreds of millions of dollars in tax, as reported in European newspapers. But a Reuters examination of accounts filed by 25 Amazon units in six countries shows how they also allowed the company to avoid paying more tax in the United States, where the company is based.

Amazon revealed last year that the U.S. Internal Revenue Service (IRS) wants $1.5 billion in back taxes. The claim, which Amazon said it would "vigorously contest", is linked to its foreign subsidiaries and payments made between them.

In effect, Amazon used inter-company payments to form a tax shield for the group, behind which it has accumulated $2 billion to help finance its expansion. This special report tells the story of how Amazon set up the shield, and how it works.

The case highlights the way multinationals reduce their taxes by parking intellectual property in tax havens and charging affiliates big fees for using it. Politicians in rich countries are beginning to target such practices, which have been used by other multinationals including Google and Microsoft.

For Amazon's tax-free money-making machine to work, it had to show it had more than a nameplate in Luxembourg.

To benefit from favorable taxation, the Grand Duchy says firms "must ensure that they give adequate substance to their presence in the country in terms of both logistics and staff." At the end of 2005, Amazon had just a dozen staff there. If tax departments around the continent were to recognize the arrangement, Amazon needed a meaningful corporate presence.

In February 2006, it transferred ownership of its UK, German and French businesses to Amazon EU S.a.r.l., and ownership of its UK and French web domains to Amazon Europe Holding Technologies. It also moved some U.S. executives to Luxembourg, hired more locals and began to call Amazon EU its European headquarters.

Filings show that in December 2006, the group relocated its Luxembourg operating units into the rented building on Plaetis Steet, a stone's throw from the English and Irish bars that prompt the city-state's tourist office to describe the Grund and neighboring Clausen as the "Headquarters of Luxembourg's night life."
 
At home in the United States, though, the Internal Revenue Service seems unconvinced.

Amazon disclosed in April 2011 that the IRS wanted $1.5 billion in unpaid taxes and fines. It has declined to say exactly what transactions the charge relates to but said it was linked to "transfer pricing with our foreign subsidiaries" over a seven-year period from 2005.

"We disagree with the proposed adjustments and intend to vigorously contest them," Amazon said at the time. "If we are not able to resolve these proposed adjustments ... we plan to pursue all available administrative and, if necessary, judicial remedies."
 
Want To Know If Your Tax Plan Is Actually A Tax Dodge?
 
Contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).
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Tuesday, December 4, 2012

Switzerland Agrees to US FATCA Implementation!


Switzerland has agreed to comply with U.S. disclosure rules on offshore accounts controlled by Americans set for 2014, Swiss president Eveline Widmer-Schlumpf said on Tuesday.

"We have initialled the agreement," Widmer-Schlumpf said in parliament in response to questions from lawmakers, without providing further details.

The agreement, which will come up for final government approval in January, would reconcile Swiss secrecy rules with U.S. disclosure demands under the Foreign Account Tax Compliance Act (FATCA) enacted in 2010.

The act requires foreign financial institutions to tell the U.S. Internal Revenue Service about Americans' offshore accounts worth more than $50,000.

Widmer-Schlumpf denied a link between initial agreement on FATCA and separate, ongoing discussions aimed at ending U.S. probes into 11 banks suspected of helping clients dodge U.S. taxes with offshore bank accounts.

Are you a US Person with UNREPORTED INCOME from a Foreign Bank Account???  

Have FATCA Problems???

Contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at: www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).








Source:

Reuters

IRS - New Program Targets Underreporting by Form 1099-K Taxpayers

 
The IRS launched a New Compliance Program targeting the underreporting of income by Merchant taxpayers who receive Form 1099-K information returns from credit card companies and third-party transaction networks.     

 
If you receive a letter or notice from the IRS, it will explain the reasons for the correspondence (Audit) and provide instructions. The notice you receive covers a very specific issue about your account or tax return.
 
Generally, the IRS will send a notice if it believes you owe additional tax or if there is a question about your tax return.
 
If you received one or more of these letters and notices because you may have underreported your gross receipts. This is based on your tax return and Form(s) 1099-K, Payment/Merchant Cards and Third Party Network Transactions that show an unusually high portion of receipts from card payments and other Form 1099-K reportable transactions.
 
It is very important that you respond to the IRS!
 
Here are some tips to help you in addressing the inquiry.
  • Read the notice thoroughly and complete any worksheets.
  • Gather your tax records including the 1099-Ks that you have received and determine if you agree with the notice about the underreporting of gross receipts.
  • Consult your Tax Professional for Assistance.
  • Consult your Tax Professional for Assistance. 
  • Consult your Tax Professional for Assistance.
 
The IRS uses the information reported from third parties to ensure individuals and businesses meet their tax obligations. The IRS is integrating the new information supplied on the Form 1099-K into a variety of areas, including its compliance efforts, to ensure fairness and address non-compliance.
 
All 1099-K activities respect taxpayer rights and provide opportunities for taxpayers and Tax Practitioners to offer explanations or corrections, if they receive a notice or audit related to this effort.
The program involves letters and notices going out to taxpayers who may have underreported their gross receipts.
 
The IRS posted four different letters on its website


  1.   IRS Letter 5035: Notification of Possible Income Reporting
            

The letters then require different responses. One letter requests that the information be reviewed and IRS be notified if there are inaccuracies and/or a request to complete a Form 14420, Verification of Income.         

Another letter asks the taxpayers to make sure they are fully reporting receipts from all sources, including card, cash, checks, and other sources. This letter also warns that failing to fully account for all income may result in further enforcement action, which may carry additional penalties.

If you have received one of these IRS Letters, contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).


 
 

Friday, November 30, 2012

IRS Posts Updated ITIN Procedure!

 

The Internal Revenue Service has announced updated procedures to strengthen the Individual Taxpayer Identification Number (ITIN) program requirements. The new modifications and documentation standards further protect the integrity of the ITIN application process and strengthen the refund process while helping minimize burden for applicants.

ITINs play a key role in the tax administration process and assist with the collection of taxes from foreign nationals, nonresident aliens, and resident aliens who have filing or payment obligations under U.S. law. Designed specifically for tax administration purposes, ITINs are only issued to people who are not eligible to obtain a Social Security Number.

The updated procedures take effect Jan. 1, 2013 and build on interim procedures announced June 22, 2012 and Oct. 2, 2012 to safeguard the integrity of the tax identification number system, while improving the refund process. Based on an extensive review and feedback from a variety of stakeholders, updated procedures are being put in place that will strengthen controls over the ITIN process while providing applicants flexibility to accurately follow the application process. The interim procedures announced earlier this year remain in effect through 2012.

The IRS will maintain its stronger standard for issuing ITINs. Under the procedures, ITIN applications will continue to require original documentation or copies certified by the issuing agency.
To protect the integrity of the application process, notarized copies of documents or copies with an apostille are not acceptable for obtaining ITINs. Though most of the interim guidelines have been made permanent, others have been modified following feedback from key groups. The changes will provide additional flexibility for people seeking ITINs while continuing the stronger protections.
Final procedures are outlined below.

Individual Applicants
For those who are applying directly to the IRS for an ITIN, original documents or copies certified by the issuing agency are required. The IRS will continue to accept only original identification documents or certified copies of these documents from the issuing agency with the Form W-7 and federal tax return attached. The documentation list includes passports, national I.D. cards, visas issued by U.S. Department of State, U.S. or foreign military identification card, civil birth certificates, medical and school records, U.S. state or foreign driver’s licenses, U.S. state identification card, foreign voter’s registration card and U.S. Citizenship and Immigration Services photo identification. A full list of acceptable documents is available through the ITIN page on IRS.gov.

 Additional Options for Applicants
The IRS heard from stakeholders that it was difficult in some instances for individuals to be without documents such as passports for extended periods of time. As a result, the IRS determined that other outlets will be available to review original documentation. As part of this effort, while original documents or copies certified by the issuing agency are still required for most applicants, there will be more options and flexibility for people applying for an ITIN. These options provide alternatives to mailing passports and other original documents to the IRS.

The Certifying Acceptance Agent (CAA) program will remain but will be modified. CAAs will be required to review original identification documents or copies certified by the issuing agency from applicants, spouses, and dependents. CAAs will be able to certify and then forward proof to the IRS that they have verified the authenticity of the documents supporting the ITIN application for applicants and spouses. This means they will not need to mail original documents such as passports to the IRS, a step previously required under the interim procedures. However, ITIN applications for dependents submitted to the IRS by CAAs will continue to require original documents or copies certified by the issuing agency. There will also be new requirements for the CAA program that are described later in this document.

In addition to direct submission of documents to the IRS centralized site or use of CAAs, ITIN applicants will have several other avenues for verification of key documents. These options include some key IRS Taxpayer Assistance Centers (TACs), U.S. Tax Attachés in London, Paris, Beijing and Frankfurt, and at Low-Income Taxpayer Clinics (LITCs) and Volunteer Income Tax Assistance (VITA) Centers that use CAAs. The procedure announced Oct. 2, 2012 for foreign students at educational institutions to be certified through the Student and Exchange Visitor Program (SEVP) remains. The table below provides the full list of options for submitting ITIN documents.

The finalized procedures are effective Jan. 1, 2013 in time for the 2013 tax-filing season when many ITIN applications are submitted along with a taxpayer’s income tax return. Later in January, participating IRS Taxpayer Assistance Centers will be available to review and certify passports and national identification cards in person for primary, secondary and dependent applicants. The first set of TACs that will review and certify documents for ITINs are located in areas where past ITIN activity has been prevalent. Additional details on participating IRS locations will be available soon on IRS.gov.

ITINs Will Have An Expiration Date
For the first time, new ITINs will be issued for a five-year period rather than an indefinite period. This change will help ensure that ITINs are being used for legitimate tax purposes. Taxpayers who still need an ITIN will need to reapply at the end of the expiration period.

In addition, the IRS will engage with interested groups on options to deactivate or refresh information underlying previously issued ITINs. This step will provide additional safeguards to the ITIN program and help ensure only people with legitimate tax purposes are using the numbers.

Having Problems Getting an ITIN?

Contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at: www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).

Thursday, November 29, 2012

UK Press Exposes 'Sham' Companies Used To Shield The Identity of Wealthy Individuals.


The UK Press is running a series claiming to expose an 'extraordinary global network of sham company directors, most of them from the UK.


Nominee directors are exposed as operating thousands of offshore companies, some said to be helping UK residents avoid tax and conceal their assets.

They have published profiles of some wealthy individuals who have used offshore companies to conduct significant business and property transactions in the UK.
 
Have unreported income from a Foreign Bank Account???

Feeling Exposed??? Contact the Tax Lawyers at Marini & Associates, P.A. for a FREETax Consultation at: www.TaxAid.us orwww.TaxLaw.ms orToll Free at 888-8TaxAid (888 882-9243).

 




 

Mexican FATCA Agreement Requires New Reporting By BOTH Mexican & US Banks!


We first posted Mexico Becomes the 3rd Country to Sign a FATCAAgreement on Tuesday, November 27, 2012. The Treasury Department has now posted this agreement on its Website.
This agreement sets out each Parties’ Obligations to Obtain and Exchange Information with Respect to Reportable Accounts which includes :


A.     MEXICO REPORTING TO THE US

WITH RESPECT TO EACH U.S. REPORTABLE ACCOUNT OF EACH REPORTING MEXICAN FINANCIAL INSTITUTION:
 
(1) the name, address, and U.S. TIN of each Specified U.S. Person that is an Account Holder of such account and

(2) In the case of a Non-U.S. Entity that, after application of the due diligence procedures is identified as having one or more Controlling Persons that is a Specified U.S. Person, the name, address, and U.S. TIN (if any) of such entity and each such Specified U.S. Person;

(2) The account number (or functional equivalent in the absence of an account number);

(3) The name and identifying number of the Reporting Mexican Financial Institution;

(4) The average monthly account balance or value (including, in the case of a Cash Value Insurance Contract or Annuity Contract, the Cash Value or surrender value) during the relevant calendar year or other appropriate reporting period or, if the account was closed during such year, the average monthly balance for the calendar year up to the time of closure;  
(5) In the case of any Custodial Account:

(A) The total gross amount of interest, the total gross amount of dividends, and the total gross amount of other income generated with respect to the assets held in the account, in each case paid or credited to the account (or with respect to the account) during the calendar year or other appropriate reporting period; and

(B) The total gross proceeds from the sale or redemption of property paid or credited to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Mexican Financial Institution acted as a custodian, broker, nominee, or otherwise as an agent for the Account Holder;

(6) In the case of any Depository Account, the total gross amount of interest paid or credited to the account during the calendar year or other appropriate reporting period; and

(7) In the case of any account not described in subparagraph (5) or (6) of this paragraph, the total gross amount paid or credited to the Account Holder with respect to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Mexican Financial Institution is the obligor or debtor, including the aggregate amount of any redemption payments made to the Account Holder during the calendar year or other appropriate reporting period.

b) In the case of the United States, with respect to each Mexican Reportable Account of each Reporting U.S. Financial Institution:

(1)The name, address, and Mexican TIN of any person that is a resident of Mexico and is an Account Holder of the account;

(2) The account number (or the functional equivalent in the absence of an account number);

(3) The name and identifying number of the Reporting U.S. Financial Institution;

(4) The gross amount of interest paid on a Depository Account;

(5) The gross amount of U.S. source dividends paid or credited to the account; and

(6) The gross amount of other U.S. source income paid or credited to the account, to the extent subject to reporting under chapter 3 or 61 of subtitle A of the U.S. Internal Revenue Code. 

 
B.     US REPORTING TO MEXICO 

WITH RESPECT TO EACH MEXICAN REPORTABLE ACCOUNT OF EACH REPORTING US FINANCIAL INSTITUTION:



(1) the name, address, and Mexican TIN of any person that is a resident of Mexico and is an Account Holder of the account;

(2) the account number (or the functional equivalent in the absence of an account number);

(3) the name and identifying number of the Reporting U.S. Financial Institution;

(4) the gross amount of interest paid on a Depository Account;

(5) the gross amount of U.S. source dividends paid or credited to the account; and

(6) the gross amount of other U.S. source income paid or credited to the account, to the extent subject to reporting under chapter 3 or 61 of subtitle A of the U.S. Internal Revenue Code.
This will affect not only US taxpayers who have unreported Mexican bank income but it will equally adversely impact Mexicans who have unreported income from deposits with US Banks.
We discuss the adverse impact on US Banks in our post "Florida Banks Explain 2013 IRS Reporting Rule For Foreigners;" where we discuss that thse new reporting rules which go into effect Jan. 1, 2013 have raised privacy concerns among some international account holders which have cause many Foreign Depositors with US Banks, especially Banks in Florida,  to move several million dollars of Deposites to other jurisdictions, since the new regulation were passed in April.

Are you a US Person with a Foreign Bank Account???  


Are you a Mexican Person with a US Bank Account???
Have FATCA Problems???

Contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at: www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).


 

 

 

Tuesday, November 27, 2012

Pictet & Bank Frey Added to Widening U.S. Probe of 13 Swiss Banks.

We orginally posted on Tuesday, May 8, 2012, Swiss bank Pictet gave data to U.S. in tax probe regarding Swiss bank Pictet statement that it handed over bank account details to U.S. authorities probing cases of tax evasion, as a newspaper reported it had accepted funds from two former UBS clients suspected of having cheated on taxes.

Now Pictet & Cie., Switzerland’s biggest closely held bank, said its wealth-management business with American clients is the subject of a “general inquiry” by the U.S. Department of Justice. Pictet plans to cooperate “as fully as possible” with the U.S. authorities, the Geneva-based private bank said in a statement yesterday.
Pictet reported the DOJ inquiry after Der Sonntag newspaper yesterday said the wealth manager and Bank Frey have been added to a probe of 11 other Swiss financial firms.
Pictet, which manages 281 billion Swiss francs ($302 billion) for clients worldwide, said in May it wasn’t under investigation by the DOJ after an indictment of three Americans in Phoenix last year showed the bank was used to set up secret accounts not reported to the IRS.
The Swiss Financial Market Supervisory Authority, known as Finma, has communicated with Pictet and Bank Frey regarding data delivery to the U.S., according to Der Sonntag.

Unreported Income from Swiss or Other Foreign Banks?



Contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us orwww.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).

 

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