US-Swiss Tax-Evasion Hearings Set In Fla.

The date of the hearings for the US-Swiss tax evasion cases have been set for this July in Florida. The case is already drawing global publicity, as so many different economies are being affected by off shore tax evasion.

Earlier today the Examiner posted a new article on the topic. Check out a snippet of their story below, and be on the look out for an entry I am working on that will explain how offshore tax evasion affects you!

During the global economic crisis, Switzerland, like other havens for tax evasion, have been increasingly facing scrutiny. Alongside the US, Germany, France and Britain have also been pressuring Switzerland to assist them in closing loopholes for tax evasion. A federal Florida judge has set hearings on July 13 to 15 on the Internal Revenue Service's endeavor to obtain 52,000 names of U.S. account holders of the UBS AG.

Initially, UBS refused to release 52,000 names, since it stated the release would violate the privacy laws of Swiss banking. UBS has already paid $789 mil. in fines and agreed to settle allegations it helped Americans evade taxes. The UBS holds $2 trillion in foreign money and its financial services constitute 12 percent of Switzerland's economic output.

"This Administration is committed to reducing off shore tax evasion to help ensure that all U.S. taxpayers are playing by the same rules," Timothy Geithner, the Secretary of Treasury, said in a Friday press release.

The UBS has proposed to release data on some of its American account-holders----with no names or account numbers attached.

IRS Sets Processing Date

Beginning on February 3rd, the IRS will begin processing tax returns that claim deductions for state and local sales taxes, higher education tuition fees, and educator expenses referred to as the "extender" provisions. The IRS had previously announced that there would be a delay in processing returns with such deductions. Most taxpayers do not claim any of these extender provisions and should not be affected. People are welcome to submit their returns at any time, however they will not be processed until February 3rd. Any tax return that does not claim these deductions will be processed as normal. For more details, visit IRS.gov.