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Tue Jan 24, 2012, 12:01 PM

Did Mitt avail himself of the amnesty program for not reporting Swiss bank accounts?

Without seeing his older returns, how would we know? The program began in 2009. If he reported the account then and paid back taxes and penalties, that would have shown up in his 2009 return. And there wouldn't have been much point in keeping the account open once the veil of secrecy was pierced.

http://www.nytimes.com/2011/09/16/business/amnesty-program-yields-millions-more-in-back-taxes.html

Sept. 15, 2011

More than 12,000 American taxpayers have voluntarily revealed their secret offshore bank accounts to the Internal Revenue Service as part of the government’s latest tax amnesty program, agency officials said on Thursday. The move will allow the United States Treasury to collect at least half a billion dollars in unpaid taxes.

The voluntary disclosure program, which was in effect from February until last week, is part of an initiative to deter tax evasion via offshore bank accounts. Since the I.R.S. began its previous amnesty program in 2009, more than 30,000 taxpayers have reported their secret overseas accounts, and the federal government has collected $2.7 billion in taxes and penalties.

The United States began its most recent offensive against offshore tax evasion in 2009, when the Justice Department reached a settlement with the Swiss bank UBS that required it to pay $780 million and reveal details about 4,500 clandestine accounts that were believed to hold undeclared assets of United States residents. Douglas H. Shulman, the I.R.S. commissioner, said that the agency would continue to pressure tax evaders to come forward or face prosecution.

The I.R.S. has opened three international offices in recent years to help track overseas funds, and has been working more closely with Justice Department prosecutors to seek criminal charges in the most serious cases.

SNIP

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Reply Did Mitt avail himself of the amnesty program for not reporting Swiss bank accounts? (Original post)
pnwmom Jan 2012 OP
Kolesar Jan 2012 #1
pnwmom Jan 2012 #2
Kolesar Jan 2012 #3

Response to pnwmom (Original post)

Tue Jan 24, 2012, 12:43 PM

1. Does an account in the Cayman Islands serve no other purpose than to evade taxes?

Otherwise, good catch, pnwmom!

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Response to Kolesar (Reply #1)

Tue Jan 24, 2012, 12:57 PM

2. I'm not sure he had an account in the Caymans directly -- wasn't it some Bain fund?

But he had a Swiss account and I'd like to know which bank -- whether it was the bank (USB) that reached the settlement with the U.S. government and started reporting its account holders.

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Response to pnwmom (Reply #2)

Tue Jan 24, 2012, 02:47 PM

3. Romney's tax forms show he had a bank account in Switzerland, which he closed in 2010

And the way Romney keeps his money will help paint that picture. Romney's tax forms show he had a bank account in Switzerland, which he closed in 2010, and accounts in Bermuda and the Cayman Islands. All three have reputations as offshore havens where the extremely wealthy keep their cash, sometimes to avoid paying taxes (Romney actually did pay taxes on those accounts, but that minor detail may be left out of any attack ads).

http://www.theatlantic.com/politics/archive/2012/01/romneys-swiss-bank-account-is-a-gift-for-democrats/251893/

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