The good the bad and the ugly quotes - agree
Abesamis After one year, it is time for stock taking on the Duterte administration. I see its impact so far on our country as a mixed bag. President Rodrigo Duterte is certainly making a difference, and over the long term, some of his decisions could be good for the country. However, some of his decisions are clearly bad; and some obviously ugly. The pivot to China over the long term could be a really shrewd move; and could be beneficial. Pushing the establishment of an Asian Infrastructure Bank will link it closer to its neighborhood, which is becoming economically the fastest growing in the world today. Duterte seems to have made some laudable appointments to his Cabinet: Finance Secretary Carlos Dominguez is pushing for sensible tax reforms, with constructive contributions in ideas and advocacy from a former World Bank executive, the young Undersecretary Karl Kendrick Chua. the good the bad and the ugly quotes.Cool Movies, TV, Music and Sports
Which brings us to the district court case mentioned in my prior blog, Gentges. Gentes for click number of years held two accounts at UBS in Switzerland: account ending in and account ending in He failed to file FBARs for Gentges to reduce the assessments to judgment.
It filed a motion for summary judgment, which the court granted in part and denied in part. The facts are straight forward: when opening both UBS accounts Mr. Gentges signed documents stating that a he was electing to have the accounts numbered, b he wanted all mail from UBS held, c he did not want any investments in U. He claimed he signed the documents where he was directed and did not read them over carefully. He picked up his mail from the bank during his frequent visits to Switzerland.
He and his wife set up a trust to which they transferred their home in the U. Gentges used the same CPA to prepare his goood for many years. He never disclosed his Swiss accounts to the CPA and never asked him about reporting foreign accounts.
He would send his information to the CPA every year to prepare his tax returns without any information on the Swiss accounts. Gentges signed his returns under penalties of perjury.
When Migros Bank informed him it no longer would do business with U. Gentges concededthe court held that for purposes of the civil FBAR penalty willful includes both knowing and reckless violations of the statute. The court stated that Mr. Clemons MD Fla. According to the court, this could have been due to negligence whereas Mr. Flume SD Tex.]
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