US indicts another Swiss bank for helping customers commit tax evasion

The U.S. Justice Department stated they have indicted the oldest Swiss bank Wegelin of helping Americans evade $1.2 billion by placing income in offshore accounts, according to Reuters.  

This is the first time the U.S has indicted an overseas bank of enabling tax fraud by American citizens. Wegelin has no banks outside Switzerland so it used correspondent banks such as USB AG to handle money for U.S. based clients.

Reuters reports that Wegelin knowingly assisted American clients fleeing USB with opening secret bank accounts. The Justice Department also said that Wegelin helped two unnamed banks repatriate funds which they intentionally concealed by mingling the funds with other transactions.

USB settled a $780 million tax evasion lawsuit with The Justice Department in 2009. They also released the identities of 4,500 U.S. based clients who hid money in accounts set up by the bank.

The IRS said that 30,000 Americans have avoided prosecution for holding offshore accounts by a limited amnesty program, paying back taxes and identifying who helped them set up their accounts.

The IRS is aggressively pursuing people who evade their taxes and when accused of this charge it is critical to retain a tax attorney. Over 40 U.S citizens and 21 bankers have been prosecuted for criminal tax charges.

Tax lawyers have the competence to assist a person with all their tax-related issues, whether it is evasion or collection efforts like wage garnishment. No matter what the issue is a tax attorney is a much needed asset.