July 12, 2009 - Phil Hodgen

IRS to UBS: “Never mind.” (Settlement coming?)

I’m at the office on a Sunday afternoon, working on a fiercely technical pre-immigration tax plan.  (“How do I become a resident of the United States and not pay tax?” is the question.)  Don’t feel sorry for me, though.  In about 2 hours I’ll be watching a primo Elvis impersonator for free in the park.  Sierra Madre rocks, baby!  (PDF)

Bang.  Through the RSS feed comes news of an IRS/UBS settlement, perhaps. (Warning:  WSJ and possibly broken due to WSJ’s pay wall).  The warring parties asked the judge for a continuance so they could talk amongst themselves.

No predictions.  But this is a bigger deal than just collecting taxes from 52,000 Americans.  So I wouldn’t be surprised with the anti-UBS litigation ending in a whimper.  It’s better than kicking a diplomatic snit with Switzerland.

What to do with this information?

  1. If you have money hidden offshore, you still have a problem, no matter what happens in the next couple of weeks of negotiations between the IRS and UBS.  And your problem isn’t going away.  Take care of the problem or you’ll pass the problem on to your kids when you die, and they will have to solve the problem.
  2. See Item 1.

Give me a call at +1-626-437-2500 if you want to solve the problem.  Or see me in Central Park (Sierra Madre’s Central Park, that is) at 6:00 p.m. tonight.  We’ll be right up front.  Rockin’ to Elvis.  🙂

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