War on Offshore Accounts Forces Swiss to Reveal Employee Names – Comments from Los Angeles Income Tax Planning and Asset Protection Plan Attorney Bruce Givner

by Bruce Givner on September 10, 2012

“Earlier this year, the Swiss parliament approved a plan to release information to the U.S. government on any U.S. citizens suspected of cheating on their federal income taxes,” said Los Angeles Income Tax Planning and Asset Protection Plan Attorney Bruce Givner.  “Now Swiss banks are disclosing the names and personal information of their employees,” finished Givner who has set up asset protection plans for high-income individuals living in Los Angeles County.

With the U.S. investigating at least 11 Swiss Banks for aiding U.S. citizens to cheat on their federal income taxes, at least five banks have disclosed employee data on almost 10 thousand employees in an attempt to mollify the U.S. government which wants to identify the specific employees who set up these offshore accounts.  The five banks include Credit Suisse, Julius Baer, Zuercher Katonalbank, HSBC, and Wegelin & Co.  The employee data disclosed includes telephone records and correspondence, as well as copies of employee’s passports.

However, claiming the disclosures are a violation of Swiss secrecy laws, Swiss employees are emulating their U.S. customers and fighting back, suing the Swiss government, Swiss government officials, and Swiss banks.

If you have unreported income from an offshore account or have had your identity disclosed, contact Givner & Kaye.  Givner & Kaye focuses on sophisticated income tax planning and compliance, tax litigation and procedure, and asset protection plans for individuals and businesses in Beverly Hills, Calabasas, West Los Angeles, Hollywood, and other areas of Los Angeles County.  Call Los Angeles Income Tax and Asset Protection Plan Attorneys Givner & Kaye at (310) 207-8008 today.

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