Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Undisclosed Foreign Bank Accounts
On July 17, 2008, UBS A.G., the giant Swiss bank, announced its cooperation with the Department of Justice (DOJ) and the IRS and its identification to the authorities of U.S. clients who use undeclared foreign accounts and thus may have committed tax fraud by concealing income. This came on the heels of the guilty plea to conspiracy to commit tax fraud by a former UBS employee who alleges that it was the bank's practice to help U.S. clients conceal foreign assets through the use of nominee entities. The former employee has agreed to cooperate with the government as part of his plea, and a DOJ lawyer informed the court accepting the guilty plea that the cooperation was expected to help the government “nationwide.”
A Senate report alleges that UBS has maintained about 19,000 undeclared accounts for its U.S. clients, and that these undeclared accounts contain up to $18 billion in total assets. The report also attacks LGT Group, a Liechtenstein bank. IRS Commissioner Douglas Shulman has declared publicly that overseas income represents a national tax enforcement priority. Thus, tax enforcement authorities appear poised to root out details of offshore accounts held by many individuals in a rapidly expanding and aggressive investigation.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.