1,000,000 + Attorneys and Legal Staff - Legal employers hire more people on LawCrossing than any other site.
Halliburton Settles Oil Spill Claims at $1.1 Billion
Halliburton Settles Oil Spill Claims at $1.1 Billion
Google Announces Drone Delivery Service: Project Wing to Be Available in “Less than a Decade”
Google Announces Drone Delivery Service: Project Wing to Be Available ...
Livedrive Riles UK Customers by Abruptly Terminating Services
Livedrive Riles UK Customers by Abruptly Terminating Services
Jury Verdict Against Bank of America to be Reviewed by Judge
Jury Verdict Against Bank of America to be Reviewed by Judge
Job Listings

Credit Suisse Group Close to Resolving U.S. Tax Evasion Probe

Credit Suisse Group AG is close to resolving a U.S. tax-evasion probe with an agreement that might include a penalty of more than $1 billion that may also include a guilty plea, according to Bloomberg News.

Scott Michel, a tax lawyer at Caplin & Drysdale in Washington said that according to Bloomberg News, the Justice Department, cracking down on foreign banks that help Americans cheat the Internal Revenue Service, may charge the unit instead of the whole firm.

“The U.S. wants Credit Suisse to pay money, acknowledge wrongdoing and accept responsibility, and take certain steps to ensure that similar conduct doesn’t occur in the future,” Scott Michel said. “They’ll want Credit Suisse to cooperate in any investigation by the Justice Department and IRS of any clients and of its own bankers and management.”

What

 job title, keywords

Where

 city, state, zip



Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


“It has the earmarks of a structural step that somebody has thought of to try to protect the bank as a whole in the event that a guilty plea is required,” Scott Michel said. “I’ve had a couple of criminal tax cases over the years where the client created a corporate entity to enter a guilty plea.”

According to Bloomberg News, a spokesman for Zurich-based Credit Suisse declined to comment on the talks with U.S. authorities and would not elaborate on the new unit beyond what is disclosed in the official records.

U.S. Attorney General Eric Holder reported that the Justice Department is readying criminal cases against banks that show financial institutions are not too big to prosecute.

“I intend to reaffirm the principle that no individual or entity that does harm to our economy is ever above the law,” he said, without identifying firms that may be charged.

The Wall Street Journal reported that a settlement may exceed $1 billion. It may go as high as $1.6 billion, Reuters wrote, citing an unidentified person familiar with the matter.

Image credit: www.straitstimes.com

Credit Suisse Group Close to Resolving U.S. Tax Evasion Probe by

Tagged: , , ,

Jaan Posted by on May 6, 2014. Filed under Business News,Home. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
LAW FIRM BOOKKEEPER
USA-FL-Coral Gables

Well established South Miami law firm seeks full charge bookkeeper with Perfectlaw experience. Must have full knowledge of bookkeeping through financial statements. Extensive reporting required and ad...