UBS, which is known in the world of private banking as the largest private wealth manager with over $1.9 trillion in clients assets, was issued a ‘John Doe’ summons by the IRS which had been authorized by a Federal District Judge in Miami in July of 2008 .The company was…
romised to back off of the demand of obtaining information about the remaining 42,000 accounts that were allegedly involved in illegal tax evasion activity.
This settlement came following a case that was filed in the Southern Florida District court in America where the U.S government accused the United Bank Switzerland of aiding American citizens in illegal tax frauds. This case was filed by The Internal Revenue Service that claimed that UBS was helping its clients, an alleged 52,000 American citizens to escape from having to pay duly owed tax revenue to the IRS.
This tax evasion probe let to a whirlwind case that was followed closely by a large number of people all over the world and brought to light the murky world of off-shore banking which has long been rumored to be a business which lets wealthy and the ultra-rich stash off their money in unknown overseas locations where they are virtually untraceable by tax-collectors and other government agencies.
According to the United States law, a taxpayer who has a foreign account with more than $10,000 must file a Foreign Bank & Financial Account Report (FBAR) with the treasury by the 30th of June annually.(Gary S. Wolf Law Offices, 2009).These FBAR rules were established in 1970 as a part of the Bank Secrecy Act and since 2003, the Internal Revenue Service has been enforcing these laws. The IRS – a part of the Department of Treasury- received 322,000 FBAR’s in the year of 2007 and it still estimated that there were nearly 1 million overseas accounts held by American citizens out of which nearly 700,000 were undisclosed.
The criminal penalties that can be issued for an undeclared foreign account and/or unreported income can be up to 24 years in jail. Filing false income tax returns and committing perjury in this case can result in a count of 1 felony and 3 misdemeanors against a person and can result in up to 14 years in jail and willful non-disclosure of a foreign account worth more than $10,000 can result in ...
Cite this document
(“IRS and UBS Case Research Paper Example | Topics and Well Written Essays - 2000 words”, n.d.)
Retrieved from https://studentshare.net/miscellaneous/393712-irs-and-ubs-case
(IRS and UBS Case Research Paper Example | Topics and Well Written Essays - 2000 Words)
“IRS and UBS Case Research Paper Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.net/miscellaneous/393712-irs-and-ubs-case.
Human resource management (HRM) today are focused on managing cultural diversity particularly in three perspectives known as: (1) access-and legitimacy; (2) discrimination-and-fairness; and (3) integration-and-learning. In line with this,
Gangs in groups and cooperation with one another usually conduct criminal activities, and their operations are kept secret. Organized crime is characterized by; a well organized organization, controlled
Management styles are tied with the very existence of a given company in terms of its daily operations. More often than not, management and leadership somehow go hand in hand. Management is about working with people while leadership is about giving direction and making
This system is being considered to be adopted for utilization in Wal Mart and the employees must abide by the rules of this system after its implementation.
Wal-Mart is adopting Kronos as the system for the
It is the role of the government to ensure that these objectives are attained and the country proves manageable. In the United States, the Internal Revenue Service (IRS) is charged with this role and serves to ensure that the services are reached to the
The introduction of the Sarbanes-Oxley impacts the U.S capital markets, in terms of costs. Many companies have to incur higher costs in hiring and paying auditors. The requirements of the Sarbanes-Oxley related to non-audit services can
Subsequently, it is of significance to whether is achievable under tax laws to successfully withdraw tax payments under gains acquired from the purchased building. Conversant with the related tax issues is the consideration of qualifying
3 Pages(750 words)Research Paper
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Research Paper on topic IRS and UBS Case for FREE!