October 8, 2010 - Phil Hodgen

Next target in Switzerland is Bank Julius Baer (Prediction)

I think that the Department of Justice/Internal Revenue Service/etc. is attempting to develop a case against Bank Julius Baer.  The IRS would like to replicate its self-congratulating, high-fivin’ humiliation of UBS, unanticipated consequences be damned.

For those of you in the United States with undeclared offshore bank accounts at Bank Julius Baer, let this be a heads-up.

Let’s just say I am extrapolating from things I have seen.

Further down the road:  Pictet.

Based on how the IRS is conducting itself in the Offshore Voluntary Disclosure Program for the 15,000+ people who are attempting to clean up their tax situations, I give you some strategic advice from Monty Python’s Flying Circus. [Warning:  this is not legal advice to you.  Don’t be a damn fool.  JFC.  I can’t believe that in the 21st Century I actually have to make this explicit warning.  But yeah, there are people out there who are That Dumb.  “Phil!  You told me to look at this YouTube video and extrapolate a tax planning strategy from it!”  Leave me alone.]  (YouTube).

Voluntary Disclosure