IRS unveils criteria for Swiss bank account disclosures

[onehandle]

Source: Washington Post

If you had less than $248,200 (250,000 Swiss francs) in your secret account at Switzerland's largest bank, you can breathe easier.

A landmark deal that the U.S. and Swiss governments struck in August to expose American tax dodgers does not call for the Swiss to blow your cover.

On the other hand, if you had more than $992,802 (1 million Swiss francs) in your account at any time from 2001 through 2008 and you failed to disclose it to the Internal Revenue Service, don't count on Switzerland's legendary tradition of bank secrecy to protect you any longer. It may be just a matter of time before your account details are in the hands of U.S. tax collectors and federal prosecutors.

The IRS Tuesday released previously undisclosed details of its August settlement with the Swiss government and Swiss banking giant UBS, showing the criteria being used to determine which accounts are subject to disclosure.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2009/11/17/AR2009111701240.html

[Soylent Brice]

1. whew! good thing i only had $992,801 in my secret tax-evading swiss bank account!!

:crazy:

[tomm2thumbs]

2. I would love to see the look on the face of someone who had a cool 250k

'dammit - I knew I shoulda put some of that into my pocket!'

[FreeStateDemocrat]

3. BULLSHIT! The IRS would NEVER give a proportional break to the middle-class taxpayer.

Wealthy crooks get to play by different rules than the sucker who goes to work every day and get their balls regularly busted by our "democratic" government: of the rich,by the rich, for the rich. Fuck the ruling class.

[safeinOhio]

4. I'm gonna be rich. Rich I tell ya.

I'm gonna start selling the Wall Street Journal at Federal prisons.

[FailureToCommunicate]

5. Now THAT'S funny! ('Course The Rich seldom end up in -yuck- prison)

[SpartanDem]

6. Can't wait to see some of these people hauled off in cuffs