Showing posts with label charge. Show all posts
Showing posts with label charge. Show all posts

Tuesday, April 23, 2013

Barclays first-quarter profit hit by restructuring charge






Barclays first-quarter profit hit by restructuring charge

Tuesday, April 16, 2013

Authorities charge Swiss banker, attorney in tax probe





NEW YORK | Tue Apr 16, 2013 9:26pm EDT



NEW YORK (Reuters) – Authorities on Tuesday charged a Swiss banker and a Swiss attorney with helping American clients hide millions of dollars in offshore accounts to evade paying taxes.


The case is the latest in a string of prosecutions from the Justice Department aimed at curtailing offshore tax evasion services sold by Swiss and Swiss-style banks.


Stefan Buck and Edgar Paltzer were each charged with one count of conspiracy, an indictment filed in Manhattan federal court showed. It did not name the defendants’ employers.


Buck is the head of private banking and a member of the executive board at “Swiss Bank No. 1,” while Paltzer is a partner at a “Swiss Law Firm” and was admitted to the New York bar in 1988, according to the indictment.


Zurich-based Bank Frey lists Stefan Buck as its head of private banking and a member of its executive board on its website.


The Swiss law firm Niederer Kraft & Frey lists Edgar Paltzer as a partner on its website, and New York state records show he was admitted to the New York bar in 1988.


Attempts to reach Bank Frey and Niederer Kraft & Frey for comment were unsuccessful outside of regular Swiss business hours.


In March 2009, Swiss bank UBS AG (UBSN.VX) agreed to pay $ 780 million to settle charges brought by the Justice Department. The oldest Swiss bank, Wegelin & Co, pleaded guilty in January to helping wealthy Americans evade taxes and was sentenced to pay nearly $ 58 million in penalties.


According to the Manhattan U.S. Attorney’s office, which brought the charges, Buck’s bank saw an increase of 300 percent in U.S. taxpayers as clients between the time of UBS’s settlement and Wegelin’s indictment in February 2012.


Around $ 938 million, or 44 percent, of the bank’s $ 2.1 billion in managed assets as of September 2012 was held by U.S. taxpayers, prosecutors said.


Buck and Paltzer opened and managed undeclared accounts for U.S. clients who had been informed by other Swiss banks that they had to close their accounts there.


Both men reside in Switzerland, and neither has been arrested, prosecutors said.


Paltzer, a dual U.S.-Swiss citizen, is admitted to practice law in New York, authorities said.


The defendants each face fines and a maximum prison sentence of five years.


The case is U.S.A. v Paltzer and Buck, U.S. District Court for the Southern District of New York, No. 13-282.


(Reporting by Joseph Ax; Editing by Ryan Woo)





Reuters: Business News




Authorities charge Swiss banker, attorney in tax probe

Saturday, April 13, 2013

CPA secrets: Accountants charge higher prices for difficult clients


Very few people in this world wake up in the morning excited to go do tax returns. After 10 years in this job — and I’m only 34, so I guess I’ve been doing this now a third of my life — I actually do wake up every morning excited to go to work. And the reason is, I’m truly helping people.


Of course there are bad days. The phone calls when I have to tell someone they owe $ 60,000 and they pass out, but there’s so many good days. I make most of my income April of each year, so the rest of the year I get to stay home with my kids and have a good time. It really is a great profession.


So tax return pricing — I personally have a price list. It’s per form. So if you have a Schedule C, I’m going to tell you that is going to cost between $ 85 and $ 175.


Whether we state this or not, accountants have little extra charges they throw in for the people who make their lives more difficult. So if somebody arrives with everything tied out in a nice, neat pile — the price is going to be cheaper than somebody that arrives with a shoebox. We might not put that in writing. We might not state that out front. However, jokingly in the industry it’s called a PITA fee — Pain In The (fill in the blank). If you make our life more difficult, if you end up calling a month later and say, ‘Oh whoops, I forgot these three things,’ then we are going to call it the remailing fee or the reprinting fee.


The more easy you make your accountant’s life, the cheaper your price will be. I did actually have for the first time this year somebody that called and said that their dog ate their 1099. So I honestly didn’t charge for that excuse because that just cracked me up. So if you also make me smile, sometimes your price is a little cheaper as well.


There’s always some pretty memorable clients. For instance, someone works in a hair salon that insists they get to deduct their hair and nails because they’re in the industry. And they would talk to the other girls in the shop and everybody would say they are taking the deductions. Well I looked at a couple of returns and I found out that no one was taking the deduction.


What accountants sort of do is shake our heads and smile and nod and say, ‘Sure, no problem. We’ll take that.’ And then we never put it on the return because, of course we don’t want to get our clients upset, but we also don’t want them doing anything illegal.


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CPA secrets: Accountants charge higher prices for difficult clients