From the TaxProf blog, a quick post noting that UBS is not the only target anymore — Credit Suisse and HSBC are getting scrutiny from the IRS as well.
I have worked with all of these banks.? I guess I must have missed the pirates at each of these places, because my experience has been that we did things right and turned square corners. Their internal auditors were active, asking for backup information on various items.? So again, if evil lurks at these institutions I haven’t seen it.
My theory is that secrecy doesn’t exist.? For instance, only a mug would rely on bearer shares or nominee shareholders and directors.
Do you think you can really rely on a stranger — on another continent — who is getting paid $250/year (or $2,500/year or whatever amount of money you care to pay) will keep a secret?? A secret that might put you in jail if revealed?? Goodluckwiththat.
Do your planning with the expectation that everything will be on the table in front of a skeptical and unfriendly bureaucrat at some point.
Keep it clean.? Great wonders can be done within the four walls of the Internal Revenue Code.