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Deferred prosecution agreemet

Washington Alert – Cayman companies plead guilty; Income tax refunds await; TIGTA report on over-aged correspondence and taxpayer burden

Washington Alert – Cayman companies plead guilty; Income tax refunds await; TIGTA report on over-aged correspondence and taxpayer burden

In a case marking the first time non-Swiss financial institutions have been convicted of conspiring to facilitate federal tax evasion, two Cayman Island financial institutions pleaded guilty in federal court to conspiring with U.S. taxpayer-clients to hide more than $130 million in offshore accounts and evade U.S. taxes, the Justice Department (DOJ) announced on March […]

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Cayman National units admit helping U.S. clients evade taxes

Cayman National units admit helping U.S. clients evade taxes

NEW YORK (Reuters) – Two units of Cayman National Corporation Ltd pleaded guilty to U.S. charges on Wednesday as part of a $6 million settlement of an investigation into how the financial services firm helped Americans evade paying taxes.  Click here for the link to the Department of Justice Press Release. Cayman National Securities Ltd […]

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Washington Alert – Swiss Bank Program & HSZH Verwaltungs AG , GAO faults SB/SE audits, IRS issues refunds fast

Washington Alert – Swiss Bank Program & HSZH Verwaltungs AG , GAO faults SB/SE audits, IRS issues refunds fast

The Justice Department (DOJ) announced on Jan. 27 that it had reached its final non-prosecution agreement under the so-called Category 2 component of the Swiss Bank Program. HSZH Verwaltungs AG reached a resolution that requires the bank to pay a penalty of $49.8 million. Since last March, when the first non-prosecution agreement was made public, […]

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Swiss banks to pay $178 million in latest U.S. Justice Dept settlements

Swiss banks to pay $178 million in latest U.S. Justice Dept settlements

(Reuters) – Four Swiss banks will pay a total of more than $178 million to the U.S. Department of Justice to avoid possible prosecution for helping Americans evade taxes, the department said on Wednesday. The Justice Department has now reached agreements with 75 Swiss banks under a voluntary program it launched in 2013 to allow […]

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Swiss banks to pay $130 mln, avoid charges on aiding U.S. tax evasion

Swiss banks to pay $130 mln, avoid charges on aiding U.S. tax evasion

(Reuters) – Three Swiss banks, including a unit of France’s Crédit Agricole SA, will pay a total of more than $130 million to the U.S. Justice Department to avoid possible prosecution for helping Americans evade taxes, the department said on Tuesday. The Zurich-based unit of Crédit Agricole will pay $99.2 million, the largest share of […]

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Swiss banks to pay $81 million, avoid U.S. charges on aiding tax evasion

Swiss banks to pay $81 million, avoid U.S. charges on aiding tax evasion

(Reuters) – Three Swiss banks will pay a total of more than $81 million to the U.S. Justice Department to avoid possible prosecution for helping Americans to evade taxes, the department said on Thursday. The three banks, the Swiss unit of BNP Paribas SA; KBL (Switzerland) Ltd; and Bank CIC, also agreed to cooperate in […]

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Standard Chartered to pay $6.3m in U.S., Swiss program deal

Standard Chartered to pay $6.3m in U.S., Swiss program deal

(Reuters) – Standard Chartered Bank’s Swiss unit will pay a $6.3 million penalty as part of a deal it reached with the U.S. Justice Department to avoid possible prosecution for helping Americans evade taxes, the department said on Friday. The bank also agreed to cooperate in any criminal or civil proceedings involving U.S. accounts and […]

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Credit Suisse granted exemption to continue U.S. pension business

Credit Suisse granted exemption to continue U.S. pension business

NEW YORK (Reuters) – The U.S. Department of Labor on Thursday said it granted Credit Suisse Group AG an exemption from certain restrictions stemming from its guilty plea to helping Americans evade taxes, effectively allowing the bank to continue to manage $2 billion in U.S. retirement money. The Zurich-based bank can keep managing U.S. pension […]

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HSBC Condemns Past Practices As Pressure Grows Over Swiss Accounts

HSBC Condemns Past Practices As Pressure Grows Over Swiss Accounts

LONDON (Reuters) – The head of HSBC’s private bank has told staff past practices that may have allowed some clients to dodge taxes are unacceptable, with the company facing pressure on both sides of the Atlantic over its conduct. HSBC this week admitted failings in compliance and controls in its Swiss private bank and faces […]

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IRS Addresses Professional Employer Organization Failure to Pay Taxes on Pre-4/1/14 Wages

IRS Addresses Professional Employer Organization Failure to Pay Taxes on Pre-4/1/14 Wages

IRS’s Small Business/Self-Employed Division (SB/SE) has issued guidance to its Collection department employees regarding collecting taxes that were due to be paid by a professional employee organization (PEO) with respect to wages paid before Apr. 1, 2014, but were not paid by the PEO. Background. An employer may choose to enter into an agreement with a […]

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Julius Baer to take $350 million charge as end to U.S. tax probe nears

Julius Baer to take $350 million charge as end to U.S. tax probe nears

ZURICH (Reuters) – Julius Baer said on Tuesday it would book $350 million against first-half results towards an expected settlement in a U.S. criminal investigation into how the Swiss bank helped wealthy Americans dodge taxes. The provision is far less than what most analysts had expected, with some estimates as high as 850 million Swiss […]

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Swiss banks in U.S. criminal probe face longer wait

Swiss banks in U.S. criminal probe face longer wait

ZURICH (Reuters) – A U.S. criminal investigation into how Swiss banks such as Julius Baer allegedly helped wealthy Americans to hide their money is likely to stretch into next year, the U.S. ambassador to Switzerland signalled in a newspaper interview. The criminal probe into a handful of banks has paved the way for a programme […]

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Washington Alert – DOJ reaches deal with Finter Bank; Tax Benefits to Military; CI’s new cybercrime unit

Washington Alert – DOJ reaches deal with Finter Bank; Tax Benefits to Military; CI’s new cybercrime unit

The Justice Department (DOJ) announced on May 15 that it has reached a resolution with Finter Bank Zurich AG under the department’s Swiss Bank Program. (15-622) The bank must pay a $5.41 million penalty. As described by DOJ, the Swiss Bank Program provides a way for Swiss banks to resolve potential criminal liabilities in the […]

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Finter Bank Zurich to pay $5.4 million in deal with U.S. over tax offenses

Finter Bank Zurich to pay $5.4 million in deal with U.S. over tax offenses

WASHINGTON (Reuters) – Finter Bank Zurich AG has agreed to pay $5.4 million in a deal with the Justice Department to resolve tax-related offenses, becoming the third Swiss private bank this year to reach a settlement to avoid U.S. prosecution over helping Americans evade taxes. Finter, a small private bank headquartered in Zurich with a […]

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Second Swiss bank reaches deal under U.S. tax program

Second Swiss bank reaches deal under U.S. tax program

NEW YORK (Reuters) – Vadian Bank AG has become the second of what are expected to be dozens of Switzerland-based private banks to reach a deal with the U.S. Department of Justice under a voluntary disclosure program for assisting Americans in evading taxes. The program, launched in 2013, allows Swiss banks to avoid prosecution by […]

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Stay Tuned For More Swiss Bank Deals Over Tax Evasion

Stay Tuned For More Swiss Bank Deals Over Tax Evasion

NEW YORK (Reuters) – More Swiss banks that helped wealthy Americans evade taxes will soon strike agreements with the U.S. Department of Justice to avoid prosecution, an official overseeing the U.S. government program told Reuters. “I would stay tuned,” Acting Assistant Attorney General Caroline Ciraolo of the Justice Department’s Tax Division said in an interview […]

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BSI SA of Lugano, Switzerland, is First Bank to Reach Resolution Under Justice Department’s Swiss Bank Program

BSI SA of Lugano, Switzerland, is First Bank to Reach Resolution Under Justice Department’s Swiss Bank Program

As reported in the DOJ Press Release,BSI SA of Lugano, Switzerland, is First Bank to Reach Resolution Under Justice Department’s Swiss Bank Program. The Department of Justice announced today that BSI SA, one of the 10 largest private banks in Switzerland, is the first bank to reach a resolution under the Department of Justice’s Swiss Bank […]

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U.S. says HSBC ‘too slow’ on compliance but makes progress

U.S. says HSBC ‘too slow’ on compliance but makes progress

NEW YORK (Reuters) – HSBC Holdings Plc is making progress toward cleaning up its operations, after reaching a $1.92 billion settlement of charges related to money laundering, but has not done enough, the U.S. Department of Justice said on Wednesday. The government made its criticisms after reviewing the findings of an independent monitor, Michael Cherkasky, […]

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Swiss bank BSI to pay $211 mln penalty in U.S. Swiss Tax Program

Swiss bank BSI to pay $211 mln penalty in U.S. Swiss Tax Program

WASHINGTON (Reuters) – Swiss private bank BSI SA avoided prosecution for suspected tax-related offenses by paying a $211 million penalty, making it the first bank to reach a deal in the U.S. Department of Justice’s “Swiss Bank Program,” the department said on Monday. The DOJ program allows banks to come clean over tax-related offenses related to […]

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Commerzbank AG Admits to Sanctions and Bank Secrecy Violations, Agrees to Forfeit $563 Million and Pay $79 Million Fine

Commerzbank AG Admits to Sanctions and Bank Secrecy Violations, Agrees to Forfeit $563 Million and Pay $79 Million Fine

As announced in the DOJ Press Release, Commerzbank AG, a global financial institution headquartered in Frankfurt, Germany, and its U.S. branch, Commerzbank AG New York Branch (Commerz New York), have agreed to forfeit $563 million, pay a $79 million fine and enter into a deferred prosecution agreement with the Justice Department for violations of the […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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