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Post by privateinvestors on Aug 27, 2013 22:37:04 GMT 4
Swiss Lawyer Pleads Guilty to Conspiracy in Tax Fraud By REUTERS - August 16, 2013 - www.nytimes.com A Swiss lawyer accused of helping American clients conceal millions of dollars in offshore accounts pleaded guilty to conspiracy to commit tax fraud in federal court in New York. The lawyer, Edgar Paltzer, 57, a dual United States-Swiss citizen, admitted he opened bank accounts in Switzerland in the name of entities he formed for American citizens, knowing they intended to evade taxes. “I was aware that this conduct was wrong,” he said, pleading guilty to newly filed criminal charges as part of a plea agreement. As part of his plea, Mr. Paltzer agreed to forfeit any fees he earned and cooperate with the United States government. “His cooperation is complete and without any limitation,” Thomas Ostrander, Mr. Paltzer’s lawyer, said after the hearing. Mr. Paltzer, a former partner of the Swiss law firm Niederer Kraft & Frey who is licensed to practice in New York, was first charged in April on one count of conspiracy. That indictment accused him of conspiring with American taxpayers from 2000 through at least 2012 to help them hide their Swiss accounts from the Internal Revenue Service.
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Post by Omar on Aug 28, 2013 0:36:37 GMT 4
So if I help a client to purchase a company and have an account I will go to jail when he is US citizen and cheats on taxes, even if his financials are none of my business? I guess US citizens as clients are completely out of the question!
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Post by niseag on Aug 28, 2013 0:45:05 GMT 4
That is indeed the case, US law looks at the assistance to acquire an offshore company and banking as assitance to tax fraud because they use an extended view of the process. If you have US customers, meaning US residents or US citizens, the best way is either to stay away or apply the two following was always:
1. Include language in your contract that make it clear that you do either participate in nor condone tax fraud etc and
2. Always check if the transaction makes economic sense, not just in terms of taxes, even if it means you need a legal opinion.
I also advise to keep a wording in your contract that allows sharing of information and adjust your structure so no one can touch you!
otherwise, stay away from American's
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Post by miriammuraba on Aug 28, 2013 1:15:22 GMT 4
most americans are a pest in that business, they neither understand nor are they making an effort and they believ everything has to be easy and direct access to funds and they disregard their own rules, big surprise: "Big Brother" is watching you and especially them!
The real good one's have good advisers and will never get caught with their pants down, the whole thing is a stunt to have exactly the effect proposed: do not serve US citizens.
Usually I would not oblige but I had my fair share of American stupidity. So, out they are!
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Post by privateinvestors on Aug 28, 2013 18:24:26 GMT 4
Unfortunately, as an American Citizen, our options are dictated by our government. Most of us, try to save our money, by not giving it away in taxes. Where eventually our taxed income, will be used to fund wars and so on. Are we happy about that? Absolutely not. Therefore, I do not blame anyone for not wanting us as their clients. The cost is way too high.
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Post by niseag on Aug 29, 2013 22:59:40 GMT 4
There is more to come since the US Justice Department and the the Swiss Authorities and Bank representatives seem to have come to a deal for the release of all data concerning US customers ahead of the new regulations which will apply in 2014.
Like I said a long time ago, it is not good business practise to have your bank know and hold documents of everything. There are structures available for these things but penny pinchers will not get anywhere but in trouble.
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