Swiss-US Tax Amenesty Deal DID send someone to Jail

[ProSense]

Swiss-US Tax Amenesty Deal DID send someone to Jail

by jamess

But it wasn't anyone who personally benefited from the little-mentioned Swiss-US Tax Havens, themselves.

No, those Swiss-US clients, got only a stern, scary warning instead. And ample opportunity to mend their IRS "Tax Dodging" ways.


US files for disclosure of 4,500 Swiss accounts

Geneva, 04 August 2012 -- deccanherald.com

The out-of-court settlement required that the country's largest bank UBS AG hand over to US authorities information on accounts that are believed to belong to clients who hid their assets from the Internal Revenue Service to avoid paying taxes. Swiss confidentiality laws generally mandate that banks are not allowed to divulge client information.
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The 4,450 accounts -- estimated to hold some $18 Billion -- will come on top of data of some 250 accounts that was already handed over in February, when UBS also agreed to pay a fine of $780 million.

UBS has admitted its employees helped clients evade paying taxes, in some cases committing fraud.
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And about ... Romney's Tax Returns?

middleclasspoliticaleconomist -- July 18, 2012

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Wouldn't it be great if we knew which Swiss bank Romney's money had been hidden in?
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In fact, we do know which bank held $3 million of Ann Romney's blind trust. It was UBS.

How do we know? Brad Malt, the Romneys' trustee, said so. Not only that, when Romney released his 2010 tax return in January of this year, he had to amend two previously filed disclosure forms, for 2007 and 2011. In 2007, he had not specified that the UBS account was in Switzerland, not the U.S., according to ABC News (UBS has branches in the U.S.).

Let's review the bidding: Ambiguous disclosure in 2007. UBS income on 2010 tax return. Retroactive revision of 2007 disclosure. IRS amnesty for undisclosed foreign accounts in 2009 powered by UBS prosecution. Refusal to release 2009 tax return. Yes, 2009 could be a big problem.
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Romney Failed to Disclose Swiss Bank Account Income

by Matthew Mosk and Brian Ross, abcnews.go.com -- Jan. 26, 2012

(pg 2)

The discovery that Romney's vast holdings included an account in Switzerland, a country long notorious for helping the very wealthy hide their assets, came during his release of his tax return earlier this week. Malt, who oversees Romney's blind trusts, acknowledged during a conference call with reporters that he decided to shut down the Swiss account because he worried it could create a headache for Romney's campaign. "It might or might not be consistent with Governor Romney's political views," he said. "The taxes were all fully paid … it just wasn't worth it. And I closed the account."

That suggests, Allison said, that the campaign had a motivation to exclude any evidence of the Swiss account from the candidate's forms. The Romney campaign called the omission an oversight.
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Mitt Romney had millions in a Swiss bank account, Barack Obama campaign ad says

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And about that "someone" who saw the full weight of the IRS-Banking Law ... I'm sure those Swiss-US clients feel that Justice was served (the 2nd tier of it at least), in this little-discussed case ...

Why Is the Whistleblower Who Exposed the Massive UBS Tax Evasion Scheme the Only One Heading to Prison?

- more -

http://www.dailykos.com/story/2012/08/04/1116691/-Swiss-US-Tax-Amenesty-Deal-DID-send-someone-to-Jail

Brad Birkenfeld: Tax Cheat and UBS Informant Doesn't Deserve Pardon
http://www.politicsdaily.com/2010/04/26/brad-birkenfeld-tax-cheat-and-ubs-informant-doesnt-deserve-par/

Mitt, what are you hiding?

[ProSense]

1. Kick for

Swiss Mitt!