Recent Senate hearings, led by Senator Levin, investigating Credit Suisse out of Switzerland for allegedly helping Americans evade taxation have ended but not deal has been struck yet, says Rob Wood, tax attorney in San Francisco, California with Wood, LLP.
A lot discussed at the hearings sounds outlandish to Wood, including money being hidden in suitcases and people's underwear, as well as a branch in the Zurich airport to help facilitate all of this. Wood says the Senate hearings are not only critical for Credit Suisse but also the Justice Department for not moving quickly enough. Wood says it is widely expected a deal will be made soon and feels it will be more expensive than UBS's deal.
Wood says the world changed in 2009 with the UBS deal and the key things the U.S. Government was able to do. When you look at the landscape across the world, especially with FATCA (Foreign Account Tax Compliance ACT) going into effect this year, things are now transparent and with sanctions so severe, everyone's getting in line, Wood says.
For more information on the article written in Forbes magazine about this, click here. Robert Wood is a tax attorney with Wood, LLP in San Francisco, California and spoke with The Tax Law Channel, an affiliate of The Legal Broadcast Network. The Legal Broadcast Network is a featured network of the Sequence Media Group.