South Floridians Taking Advantage of IRS Voluntary Disclosure Program to Avoid Prosecution in UBS Case
More South Florida residents are being pulled into the legal battle Swiss bank UBS is having with the U.S. Internal Revenue Service, the Palm Beach Post reported July 11. Earlier this year, the IRS accused UBS of intentionally and knowingly helping American customers hide income to avoid paying taxes, by routing it through false companies overseas. The two organizations reached a plea deal in which UBS agreed to pay $780 million in exchange for no indictment. The next day, the IRS sued UBS in Miami for the names of 52,000 American accountholders suspected of tax fraud. The criminal settlement gives UBS the right to contest the lawsuit, but the IRS the right to indict the bank after all if it exhausts its appeals and still declines to turn over the names.
Individuals are increasingly drawn in to this international legal mess because of a “voluntary disclosure” program the IRS launched in March and ending in September. In anticipation of receiving the accountholder names, the agency announced that it would allow individuals to come forward and admit to their previously undeclared overseas accounts. In exchange for their honesty, back taxes and a one-time fine, the IRS has promised not to prosecute these people or levy the full amount of fines they owe. This is considerably more lenient than the penalties they face if prosecuted, which could include prison time and confiscation of the entire foreign bank account. One tax attorney interviewed by the Post said there are hundreds, maybe thousands, of people with offshore accounts in Palm Beach County alone.
Balliro, Galasso, Leskovich & Seltzer is proud to represent accountholders at UBS and other offshore banks who need to negotiate with the IRS to maintain a clean record. The Post quoted several West Palm Beach tax evasion defense attorneys for a reason -- these accountholders typically need legal representation to make sure they are not risking further prosecution, and getting a fair deal, when they come forward. While some accountholders probably knew they were failing to pay taxes they legally owed, published reports and our own experience as Miami tax fraud criminal defense lawyers suggest that others had no idea they owed taxes on the money. We do not believe people should go to federal prison because they mistakenly trusted UBS and other financial professionals to do the right thing.
With seven offices in and around South Florida, BGL&S is a full-service criminal defense law firm. Unlike attorneys at some other firms, our Fort Myers tax evasion criminal defense attorneys do not automatically begin plea negotiations when we take a case -- we have taken hundreds of cases to trial throughout our careers and are not afraid of trial. Our team of former prosecutors and public defenders understands how prosecutors build their cases, which allows us to meticulously look through each new case we take for mistakes, flaws or civil rights violations that can get the charges reduced or dismissed. And because we understand that legal problems can strike at any time, not just during business hours, we are available to our clients anytime -- 24 hours a day and seven days a week.
If you or a loved one is facing tax fraud or tax evasion charges in South Florida, you should call the Punta Gorda tax fraud defense lawyers at BGL&S as soon as possible. For a free consultation, you can contact us online or call toll-free from anywhere within Florida at 1-866- ARRESTED.
