Steven Cohen, the billionaire founder of SAC Capital Advisors LP, hid
$5.5 million from his ex-wife during their 1990 divorce, her lawyer
argued before a federal appeals panel.
Wegelin & Co., the 270-year-old private bank, became the first Swiss
lender to face criminal charges in a broadening U.S. crackdown on
offshore firms suspected of helping Americans evade taxes.
Millionaires said they support Warren Buffett's view that the wealthiest
should pay more in taxes, as long as it's other rich Americans,
according to a survey released today.
The Internal Revenue Service is giving U.S. citizens who have shielded
assets offshore a third opportunity to come clean, pay a penalty and
avoid criminal prosecution.
The U.S. Internal Revenue Service is reopening a program that allows
citizens to voluntarily disclose assets they are holding offshore.
The IRS said it audited 12.48 percent of
individual tax returns with income exceeding $1 million during fiscal
2011, a high reached at a time of debate over the taxation of top
earners.
by
Karen DeMasters
Single-family offices have become more involved in helping their clients deal with security issues, according to a new survey.
Switzerland's Wegelin & Co. said three bankers were charged with
conspiring to help U.S. clients hide more than $1.2 billion from
American tax authorities.
New York Yankees co-owner and managing partner Harold Steinbrenner was
sued by the U.S. Justice Department over an "erroneous" $670,494 tax
refund he received in 2009.
The New York Senate approved Governor Andrew Cuomo's plan to raise tax rates on the wealthiest residents and
cutting them for millions of married couples earning less than $300,000 a
year.
Senate Republicans want to cover the cost of extending a
payroll tax cut by freezing federal workers' pay through 2015 and
reducing the federal civilian workforce by 10 percent.
New Jersey's high taxes drive out wealthy residents, slowing the state's
recovery, said Charles Steindel, the treasury department's chief
economist.
Credit Suisse Group AG told U.S.
clients it is giving confidential client account data to the Swiss tax
authorities, who will decide whether to disclose it to the Internal
Revenue Service.
by Mary Ann Mancini, John L. Olsen and Melvin A. Warshaw
Annuities are often shunned by estate planners, but there are circumstances in which they can be useful, even in the largest estates.
by Joel Bruckenstein
A Virginia-based wealth manager has launched a firm offering financial planning software now being tested by 80 advisors.
by
Karen DeMasters
A company with 136 franchises around the country helps advisory clients with overwhelming tasks involved in downsizing, divorce and health care.
Wealthy individuals in the U.S. will find it easier to cut their
estate-tax bill as a result of a provision for using their deceased
spouses' exemption credit.
A former UBS AG banker was indicted on a charge of conspiring to help
wealthy Americans evade taxes by hiding accounts in a smaller Swiss
regional bank.
by Caren Chesler
Many wealthy Americans, it turns out, are more fixated on spending and giving away their wealth than making sure their kids get a big inheritance.
by Beth D. Tractenberg and Kathryn von Matthiessen
Wealthy people who live in the U.S. but who are not citizens can in some cases benefit from recent changes in gift tax law.
