Is Bank Secrecy Disappearing?
In recent months, news surrounding international bank secrecy has taken center stage across various media outlets and government discussions. From the UBS probe to the Stanford scandal, bank secrecy has been attacked and shrouded as illegal tax evasion or unsavory business practice. While certain individuals, including those at the heart of the UBS scheme and Alan Stanford, use offshore bank secrecy to break laws, many just business owners seek bank secrecy and offshore advantages for legitimate, legal reasons. Switzerland is just one nation currently on the chopping block regarding its bank secrecy laws. Swiss officials are playing a delicate balance of providing legal alternative banking options to principled persons while complying with international economic laws to avoid criminal activity.Why is Bank Secrecy Under Attack?
For many high-tax, big-government nations, like the U.S. and U.K., issues surrounding bank secrecy have always been controversial. When scandals arise, like the UBS issue of late, those who oppose bank secrecy come out in force. UBS was indeed acting in opposition to U.S. laws regarding the ability for U.S. citizens to seek private, offshore accounts in order to hide income from the IRS. However, the question became whether the Swiss government had a responsibility to turn over the names of U.S. account holders, and, more importantly, whether it had the legal right to do so.Until recently, Swiss law has been very clear that tax fraud is a crime while tax evasion is not. To the IRS, both are crimes. Tax fraud is knowingly filing incorrect or illegal documentation to avoid taxes; tax evasion, on the other hand, is the intentional non-payment of taxes. This small distinction in Swiss law upholds the bank secrecy of those who are acting to evade taxes regardless of their status of citizens in other countries. The question with UBS was whether or not Swiss authorities could legally turn over names of individuals who, under their current laws, had not committed a crime.Several factors elevated the significance of bank secrecy laws in recent months, drawing what is rarely more than a blurb on page 12 to the front page of major papers. First, this discussion came at the heat of multiple financial scandals which have been plaguing the world financial system. Additionally, a new Presidency in the U.S. has weighed in heavily on the issue of tax haven abuse; President Obama sponsored a bill as a Senator entitled the “Stop Tax Haven Abuse Act.” Finally, issues of private tax havens will be discussed in the upcoming G-20 summit this April.Because of these factors, the age-long question of legality of bank secrecy has again become a priority. Nations which have historically provided bank secrecy must rethink their practices to encourage international commerce and positive standing of their financial systems.How Will Bank Secrecy Change as a Result?
While many of us are participating in the bank secrecy discussion for the first time, there is a rich background of debates that took place before our current concern. Historically, despite these many debates, little has changed. The reluctance to change is mostly due to the fact international commerce relies on competitive advantages each nation can provide. For example, the U.S. acts as an offshore banking center for many foreign investors seeking both bank secrecy and tax reduction. Because every nation needs these competitive advantages to participate, particularly undersized nations like Switzerland and Lichtenstein, over the years, most discussions have ended in a stalemate.This time, however, there are some small, significant changes taking place in bank secrecy laws. The Wall Street Journal recently published a story on the current pledges taken by Andorra and Liechtenstein to relax their bank secrecy laws. According to the article, both Liechtenstein & Andorra are “committed to changing their laws to ensure bank transparency and to allow legal assistance according to OECD standards.” With the pending G-20 summit threatening to blacklist and sanction these nations, which it previously determined were compliant, changes are coming.In Switzerland, authorities have announced they will exchange information of those who are guilty of tax evasion in their host countries. This will require renegotiation of tax treaties with a multitude of nations. Sharing this information marks the first time Swiss authorities have stopped distinguishing between fraud and evasion, and it is likely other nations will follow suit. You will no longer be protected if you implement practices that allow you to avoid paying taxes you owe at home by setting up a private, offshore account.What Legitimate, Legal Options are there for Bank Secrecy?
If you intend on committing tax evasion, there are no legal options for you. If you, however, are concerned with bank secrecy to protect your private assets, your clients’ personal information, or other, non-tax-related strategies, not much will change.Switzerland has taken the lead in assuring the Swiss Banking Act of 1934 will not be amended in terms of bank-client confidentiality. Other nations cannot simply request a list of all bank customers who have accounts in Switzerland. Rather, they must first submit a request that details evidence a crime has been committed, names the individual suspected of the crime and details the branch of bank it has been committed in.At least in Switzerland, there are still no “fishing expeditions” for foreign account holders. If you have no intention of committing a crime, you will still be protected by Swiss privacy laws, and your bank secrecy will ultimately be upheld.As specialists in private banking with over 18 years in the field, we have seen many of these debates come and go. Most of the time, few changes result from the fist-waving of angered Senators. In some cases, though, like this current case, small changes are implemented to stop illegal abuses. Ultimately, changes that make it harder for people to break laws and avoid taxes have a positive influence on international bank centers. The more compliant these centers become in regards to tax evasion and money laundering, the more legitimate, offshore business will be seen for what it is: a legal strategy to provide private banking services for businesses with unique needs.
What Are Some True Cosmetic Surgery Prices?
Good looking is a relative term in society, but if your not happy that your looks don’t fit the average, there is no need to get upset. The modern wonders of medicine provide you with an array of options, with a small cost of cosmetic surgery prices fixing a disliked detail on your face or torso and changing it to a more aesthetic version is possible. Cosmetic and plastic surgery over the years has increased in popularity because of this. It is here to stay so you might as well hope on board the cosmetic surgery bandwagon.There can be great difference in cosmetic or plastic surgery prices, just as the procedures vary in difficulty, equipment needed and other various factors. And for some it may be expensive and can be a financial strain for some individuals as they strive for improvements in physical beauty. Some cosmetic surgery procedures can result in a several thousand dollar bill. So caution must be taken not only to not let your cosmetic surgeon blow your budget but also not to make you into a plastic surgery gone wrong mistake. Some of the most desired procedures are breast augmentation, face lift and liposuction. They all come with different cosmetic surgery prices which we will discuss.One of the most popular cosmetic/plastic surgery operations is a breast augmentation. Society has deemed that large busty women are more desirable and sexy. Two cosmetic procedures will let you have this voluptuous top heavy look. For $4,000 silicone implants can be fitted by the surgeon. This is the most popular option due to the shape of the implants. Secondly for a lesser price tag of $3,500 saline injections are used to enhance the breast size.A second common procedure is the face lift. The face can be scene as the anchor point of beauty. Changing a few facial features can cost around $6,200 with cosmetic surgery prices. This can vary of course depending on the extent of the surgery you undergo. The cosmetic surgery prices can be found at your clinic.Problems with excess fat are commonly dealt with liposuction. Exercise can literally be exhausting and dieting is just such a chore. Liposuction is a great solution to the problem. With a sterile medical tube, the doctor sucks out your excess stomach fat, which results in a slim and sexy figure which will impress everyone. The cosmetic surgery prices for this vary but are around $2,700. An alternative is called smart liposuction, which is an advanced version of liposuction. It is less intrusive with fewer side effects. It also has a higher success rate which is why it is now preferred over normal liposuction. This will set you back about $3000.Many procedures for the body and face can be done with cosmetic surgery. There are plenty of options for a beauty make over with varying cosmetic surgery prices which can be found at most clinics. Make sure you have done your homework and budgeted accordingly because some surgeries can be very expensive. Some procedures may need multiple treatments and this can raise the cost so do not forget that.
DIY Back Taxes Relief: Do You Really Need a Tax Attorney for Back Taxes Help?
Are you dealing with owed back taxes? Not sure if you can resolve the issue yourself or if you need to pay a tax attorney? Here’s some basic advice regarding back tax help.When you owe back taxes, it can feel like you’re trapped between a rock and a hard place. But there are a variety of solutions for working through your state or IRS back taxes. If you’ve decided that enough is enough and it’s time to resolve your back tax problems, good for you!Perhaps the first decision you’ll need to make is whether or not to hire a tax attorney to guide you through the back taxes help process. Working with a tax attorney isn’t strictly necessary, as much of the information and many of the forms required for negotiations with the tax authorities are available online. However, handling back taxes problems isn’t entirely straightforward, and having a professional with insider knowledge of the tax system may be to your advantage.Typically, if your tax situation is relatively straightforward, you’ll be able to settle your tax debts with the IRS on your own without any additional complications. For example, applying for an installment agreement can be done on the Internet in many cases. For other situations, like applying for an offer in compromise or innocent spouse relief, the advisability of attempting your IRS taxes resolution yourself is a little fuzzier. If you have clear-cut, overwhelming evidence of tax liability or collectability doubts, your case will probably be approved. However, if the circumstances are a little gray or you’re not certain what type of evidence is acceptable to the IRS, you might want to start asking some questions. Contacting the Internal Revenue Service directly, visiting their Web site (at http://www.irs.gov ), or making inquiries of your area tax attorneys should provide clarification.On the other hand, when your tax debt problems are large, complex, or immediate, the assistance of a qualified tax lawyer or accountant in your area may be recommended. Especially for situations in which you need to come to a settlement with the IRS within days, such as when you have a bank levy on your accounts, the in-depth knowledge of a tax professional can help you navigate the tax system faster and provide you with more efficient, effective outcomes.Regardless of whether you work with a tax lawyer or you pursue back tax resolution on your own, taking active steps toward resolving your taxes is the only way to get your finances in order. The process may be stressful, but at the end, you’ll be free of the burden of tax debt and ready to live your life stress-free once again. So don’t dillydally any longer.
Types of Yoga: Ashtanga, Mantra, Bikram and More
There are many types of yoga that you might be very confused on which version you are to follow. Well, having brief but concise background knowledge about the famous types of yoga can be beneficial for you to come up with the best and most suitable version or “school” of yoga for you.Ashtang YogaAlso called “astanga”, Ashtang Yoga was established by Sri K. Patabhi Jois. In an overall sense, Ashtang method includes tough physical demand as it requires progressive, synchronized breathing with frequent yet systematic changes in postures and positions. The result? A very powerful heat combined with sweat that is believed to be wastes that come from muscle and internal organ detoxification. During and after this method, users report that they feel a greater stamina, stronger body and a better blood circulation. But, hold your horses. If you are a beginner in yoga, it may not be suitable for you since it is described by many as an “athletic” type.Mantra YogaMantra is defined as a word that is sacred and is believed to uplift the physical, mental and spiritual levels of a person. In mantra yoga, mantras are chanted in the belief that doing so causes the formation of positive vibrations, which then bring the person closer to the power of divinity inside of him. It aims to unite the body, mind and the spirit through repeating mantras throughout the exercise program. This type, therefore, mainly utilizes meditation through chanting of mantras.Bikram YogaFrom the improvement of muscular strength to a significant weight loss, Bikram yoga is a comprehensive fitness workout that aims to enhance the muscular system as well as the cardiovascular system. Founded by Bikram Choudhury, this system makes use of the 95-104 degree temperature, an intense heated environment for a faster and more efficient way of body detoxification.Hatha YogaOne of the most basic forms of yoga, Hatha yoga includes performing foundational yoga poses and styles. Regulated breathing or “pranayama” is accompanied by postures or “asanas”, as well as meditation or “Dharana & Dhyana”. It is a basic but complete system that delivers the user to the brink of self-actualization.Iyengar YogaAbout 60 years ago, B.K.S. Iyengar, a well-acclaimed yoga master created the Iyengar yoga. This type improves the flexibility, balance, strength and endurance of the person by way of yoga poses and synchronized breathing patterns. It is also known as a slow-paced version which is suitable for elderly, disabled and/or sick people.Kundalini YogaOne of the traditional types, Kundalini makes use of a combination of chanting, synchronized breathing and meditation to awaken the energy that is believed to come from the base of the spine. The aim of this method is to draw the energy towards the upper part of the body.Vinyasa YogaVinyasa yoga includes the synchronization of breathing and movement in a fast-paced manner of execution. Unlike other types of yoga, breathing is much more emphasized in Vinyasa yoga. Another notable feature of this type of yoga is the achievement of a balanced movement through a counter pose.