They’re Coming Out of the Closet

Good summary of some very topical news – the effect of the Levin inquisition.

IRS vs expats

It’s like the proverbial closet filled with mementos, trinkets, and old junk in addition to clothes not worn for years. And when it is opened, everything literally pours out. Today in Accounting Today for the Web CPA, there are three articles about Americans (no doubt continental america based citizens and NOT expats) and their previously hidden habit of hoarding their dollars in Swiss bank accounts so as to avoid paying taxes on their oft ill gotten millions.

The first article entitled, Credit Suisse Hearing Likely to Drive New Taxpayer Confessions implies that the ongoing Senate hearings about the IRS investigations of Swiss banking will bring about tax lawyers advising Americans who have been evading taxes through Swiss bank accounts to come forward and confess. Apparently up to 500 people each month are doing just this. Wow!!! There must be a lot of lying cheating stealing tax evading Americans in…

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