The Internal Revenue Service today reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous international programs.
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There is a rumor going round that the Swiss banks may enter into a sweeping settlement with the U.S. government to settle civil claims. The banks will hand over names of thousands of U.S. clients and pay billions of dollars. The settlement will not cover criminal charges pending against several Swiss and Israeli banks.
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Press Release
Los Angeles, CA, September 22, 2011 – Over the past decade attorney Jacob Stein has represented over one thousand clients seeking to protect their assets from claims of creditors. During the same time Mr. Stein taught several hundred seminars, educating thousands of lawyers and accountants on how to properly protect their clients’ assets, and published numerous scholarly articles.
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The U.S. government is requesting information on American account holders from several more Swiss banks. These banks include the giant Credit Suisse, as well as HSBC, Julius Baer Group Ltd., Wegelin & Co., Basler Kantonalbank and Zuercher Kantonalbank. These banks are apparently under secret grand jury investigation in the U.S. The banks have not yet commented on the inquiry.
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A corporate trustee is a bank or a licensed trust company that provides trustee services on a professional basis. A corporate trustee may be as large as the trust department of Bank of America or the Northern Trust Company, or a little organization you have never heard of. All corporate trustees charge for their services. Some on a flat fee basis, some as a percentage of assets under management. How much a trustee will charge depends on what it is required to do under the trust agreement.
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