Posted on 04/11/2010 9:28:19 PM PDT by mlocher
NEW YORK (Reuters) - New York state could glean considerable sums from UBS clients who have evaded taxes by hiding money in offshore accounts once the federal government starts handing over its data to the states, a New York state tax official said.
"That's really a deep well and I expect we'll be digging in that well for some time," William Comiskey, New York State Tax Department's Deputy Commissioner for enforcement, told Reuters by telephone on Friday.
The state, unlike the U.S. government, has an open-ended program for people who voluntarily reveal their misdeeds and some have already turned to it. "People are coming in on their own," Comiskey said, adding data were still preliminary.
New York, like California, Florida, Connecticut and New Jersey, is home to many of the nation's mega-rich and thus its residents could include a number of the Swiss bank's clients.
UBS declined to comment.
Ahead of the April 15 tax filing deadline, U.S. officials began bringing a wave of suits against UBS clients.
In a separate move, New York state is expanding on analytical programs developed with International Business Machines Corp to root out tax cheats.
After reaping more than $1 billion since 2004 by uncovering "questionable" refund claims, New York state is focusing on lost sales taxes and its multibillion-dollar backlog of delinquent collections.
(Excerpt) Read more at news.fidelity.com ...
The “deep well” being after they “scrub” any libs from the list.
NY wouldn’t understand that ... it’s run by a bureaucracy that would make PUTIN look like a RIGHTWINGER.
NY would send plain clothes State Troopers to the MALLS in NJ, and search the parking lots for NY STATE license plates to investigate ... they’re just shy of starting WAR with the Indians over cigarette taxes (want the money, even tho you can’t smoke them anywhere in the state)
Just fun things like that.
That`s why New York “Yank” everything out of our pockets here. I moved to Nevada and never went back.
Simple tax code:
1. How much money did you make last year $84,000
1a. Multiply 1 by 100% 84,000
1b. Subtract withholding taxes remitted 14,000
1c. Subtract 1b from 1a 70,000
2. Enter 1c here, this is your tax due: $70,000
NYState: All your monies are belong to us!
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