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Archive by Month: June 2016

IRS Wants HSBC Accountholder Information

Offshore Account Update, UBS / HSBC

Posted on June 29, 2016

A redacted letter from HSBC to a customer with accounts at HSBC's private bank in Geneva, Switzerland is raising new concerns about financial institutions turning over offshore accountholder information to the Internal Revenue Service (IRS).

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Judge Rules Wyly Brothers Committed Tax Fraud

Offshore Account Update

Posted on June 15, 2016

During bankruptcy proceedings, a bankruptcy court judge ruled that Sam Wyly and his brother Charles had committed tax fraud and should be subject to penalties for an attempt at tax avoidance. The attempt at tax avoidance involved a very complicated scheme which used offshore non-grantor trusts to provide ready access to funds which were not properly reported.  Taxes, of course, were not paid on the funds that were owned by offshore entities, and the brothers reportedly engaged in a sustained course of tax evasion for close to 15 years.

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