Notice to those who don’t know: The IRS has given you six months to come to them and explain the mechanism and those involved with the creation of your Swiss Numbered Bank Account. The Moguls on Bahnhof Strasse are looking more like Mole Hills. They are all very cognizant that they could wind up “Prairie Dogs” being taken out by Indians on horseback with a tomahawk!
The initial $780 million dollars that UBS (Union Bank of Switzerland) had to pay the US IRS….definitely got their attention. That figure included study on just 250 tax evaders from here in the US. Since these generally are not all hardened felons….just yet…..they are bound to “turn states evidence” pretty quickly. They will turn in their friends, turn in their family members and turn in every high value target they can to get a “suspended sentence”.
The NY Times came up with this AP Report which tells you a little more about the mechanisms in place:
IRS Squeezes Swiss Bank Clients for Evidence – NYTimes.com
http://www.nytimes.com/aponline/2009/03/26/washington/AP-UBS-Secrets-Clients.html?_r=1&emc=eta1
WASHINGTON (AP) — The IRS is ratcheting up the pressure on Americans who kept secret Swiss bank accounts, giving them six months to come clean and cough up any evidence against their advisers or bankers.
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In essence, the gauntlet has been thrown down. They want the 52.000 folks and the Attorneys, Investment Bankers or Bernie Madoff types directing them to Off-Shore Banks in the Caribbean, Central America, Asia or other locals throughout the world. The unifying factor however, is that greed occupies the daily lives of these folks……and it has captured the attention of the IRS. It will be very interesting to see how or if the IRS prosecution moves ahead after the six month “free ride…to come clean”!
Hopefully, the arcane laws protecting bad people from hiding their cash away will be discarded. The Swiss have the best standard of living in the world. They can do without the 52,000 who think they are smarter than anyone else!
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