The IRS is still working through the UBS tax evader cases, and now they’ve got another insider from another bank feeding them information on tax evaders.
I don’t know anything about Rudolf Elmer except what I read in the New York Times article Swiss Banker Blows Whistle on Tax Evasion. He’s not a character that’s going to generate much sympathy from the public. But he is helping the IRS and other tax agencies chase down wealthy clients of his former employer, Swiss bank Julius Baer, that allegedly evaded taxes.
In my work as a tax lawyer I have represented taxpayers on both sides of the line. Some were clearly victims of government overreaching, and others were clearly on the wrong side of the law. My hunch is that many of the Julius Baer taxpayers whose names are turned over to the IRS will fall closer toward the latter than the former.
On the other hand the informant may really be the scumbag that Julius Baer wants us to believe he is, and the whole affair may be more about getting even with his former employer and less about exposing taxpayers that merit IRS investigation.
We shall see.
In any event, if you have been hiding income with Julius Baer, now is a good time to call a tax lawyer and figure out your options.