Be Thankful

At the end of the four-day Thanksgiving weekend we should ponder who we should give thanks to. Perhaps the following individuals—mainly from overseas—who have less to be thankful for.

We’ll start in Lucerne, Switzerland. I haven’t been keeping close tabs on the UBS scandal (a Swiss bank which allegedly hid funds for tax scofflaws) but I’m probably going to start. Shock of shocks, UBS has announced that, “…[We] have uncovered a limited number of cases of tax fraud under both U.S. and Swiss law,” according to UBS AG Chairman Peter Kurer. While the data hasn’t been forwarded to US authorities yet, I’m sure that the US indictment of Rauol Weil, head of UBS’ wealth management group, just might have played a part in the pursuit of tax fraud. Mr. Weil is accused of assisting thousands of Americans hiding their identities and accounts from the IRS and aiding in the filing of false income tax returns. I’ll keep you informed as more details emerge.

Next, let’s head to Israel where the Israel Tax Authority has a problem. “It is impossible to estimate tax evasion in Israel. I believe the lower the tax rates, the lower the amount of tax evasion,” said ITA head Yehuda Nasradishi to Haaretz. So what’s the solution? The ITA will now pay informers 20% of any fines collected when they inform on tax evaders. In case you’re wondering the IRS has a similar program, and American whistleblowers can receive up to 30% of the taxes and penalties collected.

A former New London, Connecticut attorney pleaded guilty to tax evasion last week. Gilbert Shasha understated his income in 1999. He reported $112,000 in gross receipts, but he understated his income by $223,000. Mr. Shasha will receive between 10 and 16 months at ClubFed and a fine of between $3,000 and $30,000. Well, math is hard…

So let’s be thankful we’re not a tax evader—and for our health, our families, and our friends.

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