Swiss Bank Wegelin Falls to the Tax Man

Remember my blog on the IRS winning the case against GE for its abusive tax shelter practices? Well, it seems the quest to take down foreign banks that help provide abusive tax shelters for tax evaders continues. For the first time, US authorities have indicted an overseas bank for helping Americans dodge the tax man. The bank in question is the 271-year-old Wegelin; a private Swiss bank that recently sold all of its non-US businesses. I guess the Feds were just waiting for the right moment to swoop in.

Several names have been named in helping wealthy tax evaders hide more than $1 billion in assets from the IRS. These guys were finding ways to shuffle funds around that I thought only the writers for “Ocean’s Eleven” could dream up. For instance, one banker brought $16K in an envelope to a meeting. Others renamed accounts and created non-existent foundations.

Yet again, I’m telling you. You CAN’T cheat the IRS. They will find you. If financial masterminds half way across the world can’t do it, you can’t do it. Be honest with the IRS and hire a tax debt professional, if you are in a bind. Don’t wind up behind bars.

Call 888-415-1337 or fill out the submission form to get a free consultation on what would work best for your tax problem.