Skip to Main Content
 

Bloomberg Quotes Scott Michel: IRS Boosts Pressure for Disclosure of Offshore Accounts

June 19, 2014, Bloomberg News

Bloomberg News quoted Scott D. Michel concerning the increased penalties for U.S. account holders at Swiss banks as to whom a Justice Department, IRS or related proceeding may become public. After August 4, such account holders may face a 50% penalty as the price for an offshore voluntary disclosure. This is particularly the case for account holders at Swiss banks currently under investigation or "Category 2" banks participating in the DOJ Swiss Bank program. For the complete article, please visit Bloomberg's website.

Excerpt from the article.

Tax attorney Scott Michel said "it's inevitable" that the 106 Swiss banks will sign non-prosecution agreements and hand over data, leading to U.S. treaty requests.

"If you're a non-compliant taxpayer who's been sitting on the sidelines and you had money at the 106 banks after August 2008, the risk calculus has now changed," said Michel of Caplin& Drysdale. "Before today, your risk in that circumstance was pretty diffuse."


 

________________________________________________

About Caplin & Drysdale
Having celebrated our 50th Anniversary in 2014, Caplin & Drysdale continues to be a leading provider of legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.

The firm's reputation over the years has earned us the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on our broad knowledge of the law and our keen insights into their business concerns and personal interests. Our lawyers' strong tactical and problem-solving skills -- combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment -- make us one the nation's most distinctive law firms.

With offices in New York City and Washington, D.C., Caplin & Drysdale's core practice areas include:
For more information, please visit us at www.caplindrysdale.com.
Washington, DC Office:
One Thomas Circle NW
Suite 1100
Washington, DC 20005
202.862.5000
New York, NY Office:
600 Lexington Avenue
21st Floor
New York, NY 10022
212.379.6000

___________________________

Disclaimer
This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.
© 2019 Caplin & Drysdale, Chartered
All Rights Reserved.

Related Professionals

Related Practice Area(s)