Recent Events regarding the US government and UBS or the Union Bank of Switzerland have shed a brighter light on Swiss banking laws and left many Americans scratching their heads. After all, in the US when the IRS and the Justice Department come knocking with regards to questionable financial matters, they always get their way.

The whole matter relates to a series of events that began to unfold back in the summer of 2008 when the US Justice department notified UBS officials that they had compiled solid evidence that indicated that they were knowingly and actively assisting wealthy US citizens hide some $200 million to avoid paying taxes on it.

UBS moved quickly to squash the matter by agreeing to a $780 million penalty and handing over the banking records of some 250 US citizens that the Department of Justice requested. At that point, for all practical purposes UBS considered the matter over and done with. However; they were soon discover that their problems with Uncle Sam were anything but over.

Fast forward to February 2009 and the US Justice Department comes knocking again at the door of UBS, only this time they have a list with some 52,000+ names of US citizens on it. They wanted their banking records handed over and claimed that they had all failed to pay a combined total of $15 million in US taxes.

Now Swiss government officials have had enough of the mess and stepped in to remind US officials that they were bound by the terms of a treaty between the two countries. A Treaty that dictates that these types of cases that involve the release of banking records be conducted on an individual basis. Also solid evidence of criminal wrongdoing must accompany each specific request.

Furthermore, the Swiss constitution provides protection for all individuals banking records inside their borders, be them Swiss or foreign. Hence; it would take a constitutional change or amendment to allow Union Bank of Switzerland to comply with the US Justice Departments request.

The Swiss it turns out view personal financial matters in what can best be described to Americans as the same way that they and the US government view religion. Finances are a personal matter and unless there is solid proof of criminal activity, the Swiss prefer to err on the side of personal privacy.

Its a system that works well for the Swiss, as they have one of highest rates of income tax compliance in the world. In short, they do pay their taxes even when banking regulations make Switzerland one of the easiest countries on the planet to avoid paying them.

Not to be outdone, Uncle Sam in a classic tit for tat maneuver tells UBS banking officials “ Fine! You do what you want inside your borders and we’ll do what we want inside ours”. “We’re seizing all Union Bank of Switzerland assets”! A move the has worked all to well on governments and business entities that have needed softening up in the past.

There is one problem this time though and that is that the Swiss aren’t Iran or Pablo Escobar. They’re heavily invested in businesses that span the entire diverse spectrum of the US economy. Pharmaceuticals, bioengineering research, chemical manufacturing etc. This means that in order for the US officials to follow through with their threat, they will have to throw untold thousands of US citizens out of their jobs. Real bad timing.

When contacted for his take on how this international Mexican stand-off will eventually pan out, Peter Macfarlane, CEO of www.qwealthreport.com which specializes in Offshore Banking did have this to say. “Its definitely a situation that isn’t going to just go away.” “Its a simple sign of the times….Our government keeps on spending and spending and it’s flat running out of money. Not only are we going to see taxes increase in the future but enforcement measures are going to become more draconian as well.”

On a further note: While the case is being wrangled out in Federal court, a US district judge has put the matter off until August 3, to allow both sides time to reach an amicable agreement.

Contact Person: Peter Macfarlane
Company Name: Q Wealth Limited
Telephone Number: +44 20 3384 1993
Web site address: www.qwealthreport.com

FOR IMMEDIATE RELEASE
For more information, contact:
Ron Chamberlain
1-808-333-4545
[email protected]
www.FileYourTaxesNow.com

Hilo, Hawaii, February 9, 2009 — Every year, millions of Americans make the switch to filing taxes online to make the process quicker and more convenient.

But that change can be daunting and lead to frustration unless the right site used, which is why www.fileyourtaxesnow.com is the perfect choice for those who have previously used other online filing sites, and especially for those are using the Internet for the first time to file their taxes.

What’s even more promising is that the site can not only help taxpayers get a larger refund, they can also file their returns free and only pay once they have completed their return. With a low fee of only $9.95 for the basic package and $29.95 for the premium, both of which can be deducted from their return (in addition to $14.95 with each package for filing state returns), those considering a switch to filing taxes online have even more reason not to put off using an online service like www.fileyourtaxes.com as they prepare to complete their returns for 2009 and beyond.

Another advantage is that, unlike most sites, www.fileyourtaxes.com requires no use of any credit card, which often prevents taxpayers from using an online service.

“We encourage taxpayers to compare the refund that they will get with us against any of the other services out there,” said Ron Chamberlain, founder of www.fileyourtaxesnow.com.

“Most users can expect to get a sizeable return and pay lower fees versus using another online service. And with today’s economy, a refund is going to help struggling families.”

Chamberlain stresses that the price for filing taxes never exceeds the $29.95 fee for the premium package, regardless of how many forms are needed to file a return. And he promises that the services available through www.fileyourtaxesnow.com cannot be topped by any other tax filing site.

“Our product is the tax return itself,” Chamberlain said. “The site features easy to use fill in the blanks online tax preparation software with all the updated tax codes needed for the current tax season.”

Even more convenient is that Chamberlain said that once taxpayers have used the service, they can pull up returns filed through www.fileyourtaxesnow.com from the previous year and pre-fill information and edit it where needed.

“We’ve simplified the process by asking easy to understand questions so taxpayers don’t have to worry about complex tax terminologies that only the Internal Revenue Service (IRS) understands,” Chamberlain said.

Confidentially is yet another consideration that those who have previously wavered about using an online site no longer have to worry about. “Security and privacy is very important to insure that personal information is kept confidential, so we only ask for basic information such as a user’s name and email address,” he said. “The only people who get to see your financial information is the IRS.”

Chamberlain also promises that the tax preparation help offered by www.fileyourtaxesnow.com is not only economical and convenient, but also accurate.

“Our system uses a service provider who has been in the tax business since 1913, which is the same year the Income Tax System was established,” he said. “Our provider has been used by professional tax preparers and accountants for five generations here in the United States.”

He said the site’s staff not only includes programmers and web designer, but also other professionals with numerous years of accounting and tax preparation experience. Online support includes the ability to ask questions by email, which Chamberlain said will be answered within 24 hours.