Tax Law

Ex-UBS Banker Gets 40 Months in Swiss Bank Account Case

A former employee of a major Swiss bank was sentenced to a 40-month prison term by a federal judge in Fort Lauderdale, Fla., today. Prosecutors had recommended a 30-month term for Bradley Birkenfeld, 44, citing his cooperation in helping the government pursue some $20 billion in American taxpayer assets that…

Aug 21, 2009 7:25 PM CDT

Swiss Attorney Charged in UBS Case; US Lawyers Could Be Targeted, Too

An attorney and a banker from Switzerland were indicted today in a federal case in Florida for allegedly helping wealthy Americans evade taxes by putting assets in secret Swiss bank accounts. And, as a criminal probe continues, United States lawyers and bankers could face charges for misadvising clients, too, reports…

Aug 20, 2009 8:44 PM CDT

ACC President Says Tax Ruling ‘Eviscerates the Work-Product Doctrine’

Some corporate lawyers are worried about the reach of a recent federal appeals court decision allowing the Internal Revenue Service to access documents analyzing possible tax liabilities. The en banc ruling by the 1st U.S. Circuit Court of Appeals based in Boston allows the IRS to access tax-accrual documents that…

Aug 20, 2009 4:21 PM CDT

UBS Will Disclose Names of Nearly 4,500 Suspected Tax Evaders

Swiss bank UBS is expected to disclose the names and account information for more than 4,450 Americans suspected of trying to evade taxes with secret offshore accounts. The Internal Revenue Service revealed the numbers as the settlement was finalized today, according to the New York Times and the Washington Post.…

Aug 19, 2009 3:27 PM CDT

Banker Pointed Feds to 150 UBS Clients Now Under Investigation, Filing Says

More than 150 Americans with accounts at UBS AG are being investigated by federal authorities for potential tax fraud after a former employee of the Swiss bank helped point the finger at them, a government filing in a criminal case says. It recommends a 30-month prison term for the employee,…

Aug 18, 2009 5:00 PM CDT

UBS Agrees to Reveal Names of Suspected US Tax Evaders

Lawyers who defend those accused of tax fraud may be seeing an increase in workload soon. Swiss bank UBS has agreed to disclose the names of U.S. clients suspected of tax evasion in a deal reached with the U.S. Justice Department, the New York Times reports. Justice Department lawyer Stuart…

Aug 12, 2009 3:26 PM CDT

Law Firm Won Tax Case, But Says Ex-KPMG Partner Still Owes $1.3M Bill

A law firm is suing a former KPMG partner, saying that he hasn’t paid $1.3 million of the legal bill that Kostelanetz & Fink racked up while successfully defending him in a high-profile criminal tax case concerning illegal tax shelters. Although Richard Smith obtained a settlement from KPMG that was…

Aug 7, 2009 6:04 PM CDT

Taxing Dilemma for UBS Clients: Confess to IRS, or Wait and See?

As the Internal Revenue Service and a major Swiss bank continue to litigate over just how many names of secret UBS AG account-holders must be turned over to federal authorities, United States residents who have been illegal evading taxes by hiding assets offshore face a difficult dilemma. If they come…

Jul 30, 2009 10:15 PM CDT

Malpractice Suit Claims Buchanan Ingersoll Cost Plaintiffs $2M in Taxes

Buchanan Ingersoll & Rooney is facing a suit by two former clients who claim the law firm’s advice cost them more than $2 million in back taxes and penalties. The National Law Journal (reg. req.) has details of the complaint filed in Washington, D.C., federal court by lobbyists Hector Alcalde…

Jul 27, 2009 4:16 PM CDT

Jailed Attorney Sues Billionaire Ex-Client, Seeking to Retain $36M Quellos Fee

Seeking to retain $36 million in claimed advisory fees paid in connection with a Quellos Group tax shelter that put a billionaire media mogul in hot water, a jailed California lawyer has sued his former client in the latest chapter of a convoluted investment saga that has created trouble for…

Jul 22, 2009 5:30 PM CDT

Nev. Lawyer Gets 5 Years for Evading Income Tax

A 47-year-old personal injury attorney in Nevada has been sentenced to a five-year federal prison term for evading millions of dollars in taxes. Although Edmund Botha made millions as a Las Vegas lawyer, he paid rent, office overhead and other costs in cash or with cashier’s checks, in an effort…

Jul 17, 2009 8:10 PM CDT

Tax Court Rejects Gay Man’s Attempt to File Joint Married Return

The U.S. Tax Court has ruled that a gay activist is not entitled to file a married joint return with his partner. The court said in its opinion (PDF) that petitioner Charles Merrill, an artist and millionaire, is not entitled to married filing joint status because he never filed a…

Jul 14, 2009 6:01 PM CDT

Australian Tax Law Threatens Full Merger of Norton Rose, Deacons

Norton Rose partners voted this week to merge with Australia’s Deacons, a move that would dramatically extend the reach of the London-based firm. But the deal faces a significant hurdle that could prevent the full financial integration of the firms. Norton Rose chief executive Peter Martyr told the Australian that…

Jun 26, 2009 2:44 PM CDT

1st US Client Charged in UBS Swiss Bank Records Probe Pleads Guilty

A Florida accountant accused of using a secret account at Swiss bank UBS AG to conceal income has pleaded guilty. The plea by Steven Michael Rubinstein settles the first charges brought by U.S. authorities in an ongoing probe of the Swiss bank’s records concerning American account holders, reports the Wall…

Jun 25, 2009 6:26 PM CDT

DOJ Says It’s Not Backing Off Effort to Force UBS to ID Swiss Bank’s US Clients

Contrary to a recent New York Times report, the U.S. Department of Justice says it has no intention of backing off a high-profile federal lawsuit that seeks to force a Swiss bank to disclose the names of thousands of American customers who might have used secret accounts to avoid paying…

Jun 23, 2009 10:46 PM CDT