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Retired banker in California faces 5 years for tax crimes

On Behalf of | Jul 12, 2013 | Tax Crimes |

A man who dedicated 40 years of his life to the banking industry may end up doing time in prison as a result of not reporting bank accounts on his U.S. tax returns. The man, who retired in California, has been ordered to pay a fine in the amount of $1.5 million for his tax crimes. The fine is to be paid prior to his sentencing hearing.

The banker allegedly had accounts under the name Albia Investments at several overseas banks. The IRS accused the man of not reporting the monies in these accounts on his tax returns for 2007 through 2009. The IRS has alleged that the banker knew that he was supposed to have reported that income. Eventually, the banker felt it was in his best interest to plead guilty to the crime of tax evasion.

There has been a long standing battle between the United States and banks in Switzerland with regard to disclosing information regarding its banking customers. At any given time, there are several Swiss banks under investigation by the United States. It is this country’s contention that those banks help Americans hide money from their government.

Understanding the U.S. Tax Code can be a daunting task for anyone, including accountants and perhaps even those that work for the IRS. It is possible to misinterpret the provisions of the code and inadvertently violate those codes. Whether or not that leads to being accused of tax crimes depends on the circumstances and possibly the amount of money involved. Anyone in California that ends up facing charges of tax evasion may benefit from obtaining advice and assistance in dealing with the charges.

Source: cnbc.com, “Former Swiss Banker Pleads Guilty to US Tax Evasion,” June 29, 2013


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