In March of 2009 the IRS began a six month amnesty program with reduced penalties for those who come forward and acknowledge they been have unlawfully hiding assets– and failing to pay applicable taxes on those assets. The amnesty program is part of a broader effort by the IRS to crack down on U.S. citizens who are
Schneider Smeltz Spieth Bell LLP Blogs
Latest from Schneider Smeltz Spieth Bell LLP
Creditors Have Many Options Once They Have a Judgment Against You
An article in the September 20, 2009 Business section of the Cleveland Plain Dealer contains a good summary of the various remedies available to a creditor who has a judgment against you. Cleveland Plain Dealer columnist Sheryl Harris is discussing a $3,000 judgment obtained in a small claims court in Rocky River, Ohio; but the
Disclosure of Secret Offshore Accounts May Have Caused Suicide of Prominent Philanthropist
Finn M. W. Caspersen, heir to the Beneficial Corporation fortune, was a patron of Harvard and Princeton and gave away tens of millions of dollars to charity. He was active in New Jersey politics. Mr. Caspersen served on the Dean’s Advisory Council at Harvard Law School. As Lynnley Browning wrote in the New York Times
Personal Asset Protection for Physicians
Whether you are a physician in private practice or working for a hospital or other health care organization, you should consider some basic steps to protect your assets. Here are a few suggestions:
Asset Protection Strategies for a Private Medical Practice
A couple weeks ago I posted some general observations about asset protection planning for physicians. While a doctor should be taking steps to protect his or her own personal assets, physicians in a private medical practice should be taking additional steps to protect the private practice itself. Here are some items worth thinking about: 1. Consider
Justice Department Widens its Attack on Swiss Banking Secrecy
Last week, the Swiss banking giant UBS agreed to turn over information on American clients suspected by the IRS of using Swiss accounts for tax evasion. On Wednesday, August 19, IRS Commissioner Douglas Shulman said that the agency is looking at other banks and intermediaries in Switzerland in addition to UBS.
The IRS Commissioner was not kidding. Last Thursday the Justice
Swiss Bank Accounts May Not Be Secret Anymore
On Wednesday, August 19, UBS (one of Switzerland’s largest banks) agreed to turn over information on more than 4,450 American clients suspected by the IRS of using Swiss accounts for tax evasion. Due to provisions of a new tax treaty between the U.S. and Switzerland, it could be more than a year before the IRS has all the
Physician Asset Protection: An Overview
Physicians should have no hesitation whatsoever in protecting their assets to the greatest extent allowed by applicable laws. Physicians have a greater need for asset protection planning than many other individuals simply because of the nature of their work. If a professional baseball player consistently strikes out half of the time but gets a base
Joint Tenancy Not Great For Asset Protection
Holding property as joint tenants has numerous advantages. It can be convenient, and it can generally avoid probate of the jointly held assets. It is a big misconception, however, that joint tenancy provides very much asset protection.
A recent Ohio Court of Appeals Decision, White v. Parks is a perfect illustration of the drawbacks of
Lawyer Accused of Hiding Assets Serves 14 Years in Jail
A lawyer accused of hiding assets was released from prison last week — after serving 14 years in jail. H. Beatty Chadwick was sent to prison in 1995 for allegedly hiding $2.5 milion in assets in connection with his divorce. By the time he was released last week from a county prison in suburban Philadelphia,