Scott Michel Quoted in Forbes, The Biggest Story in Banking, Thanks to IRS
03.21.2012
Forbes
Excerpt taken from the article.
Sometimes, what seems like a little story is actually quite extraordinary.
That's what happened earlier this month, when what seemed like business as usual thousands of miles away came and went without a lot of attention. That business, with the bang of a gavel, was the Swiss parliament amending their tax treaty with the United States.
Scott Michel, a tax attorney and president of Washington, D.C.-based law firm Caplin & Drysdale, called the change "a big deal."
Under the new tax treaty, the IRS can ask the Swiss to disclose names of U.S. taxpayers at a bank with evidence of "behavioral patterns" that might point to tax evasion. And where might the IRS get that evidence? A prime source could be the IRS' own offshore voluntary disclosure initiative (OVDI) and subsequent amnesty programs.
To read the rest of the story on the U.S. tax treaty and its affect on U.S. taxpayers world-wide, click here.
Sometimes, what seems like a little story is actually quite extraordinary.
That's what happened earlier this month, when what seemed like business as usual thousands of miles away came and went without a lot of attention. That business, with the bang of a gavel, was the Swiss parliament amending their tax treaty with the United States.
Scott Michel, a tax attorney and president of Washington, D.C.-based law firm Caplin & Drysdale, called the change "a big deal."
Under the new tax treaty, the IRS can ask the Swiss to disclose names of U.S. taxpayers at a bank with evidence of "behavioral patterns" that might point to tax evasion. And where might the IRS get that evidence? A prime source could be the IRS' own offshore voluntary disclosure initiative (OVDI) and subsequent amnesty programs.
To read the rest of the story on the U.S. tax treaty and its affect on U.S. taxpayers world-wide, click here.
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