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Non-compliant account holders still in denial?
Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5780


Posted: 10/12/2009 9:24:42 PM

By: David S. Lesperance

Aside from the silly comments from knightmare regarding the search for a "unicorn bank" to shift your accounts. Are there still people who hold non-compliant accounts who still haven't faced up to the new reality?

http://www.nytimes.com/2009/10/13/business/13irs.html?_r=1&hp

David S. Lesperance
Barrister and Solicitor


Anonymous
Posted: Saturday, August 13, 2011

Posted: 10/13/2009 11:03:42 AM

By: Yes

Many people set up Swiss accounts years ago, and to come clean and pay back taxes, fines, etc. would substantially diminish the account value. Many of these same people have seen their nest egg wiped out, and they are simply not willing to part with any portion of their money regardless of the risk. Also, they have a feeling that "I haven't been caught so far, so why should I think I'm going to get caught now?"

The risk-reward equation doesn't make much sense, but truthfully it didn't when they set up the account in the first place either.

Wonder how many of the still-non-compliant Swiss account holders are deadbeats who have judgments against them in the U.S., and they can't come clean without disclosing the funds so that their creditors can start working to get at them.


 

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