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criminal investigation into Americans who used Swiss bank accounts

Original post made by Full Circle, Ruby Hill, on Aug 19, 2009

Aug 19, 2009, 11:13 a.m. EST
UBS to hand over names of 5,000 U.S. clients to IRS, DOJ
U.S. settlement doesn't include monetary fine for Swiss banking giant


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WASHINGTON (MarketWatch) - UBS AG agreed to give the U.S. Internal Revenue Service an "unprecedented amount" of information on thousands of U.S. holders of accounts at the Swiss banking group as part of a settlement with the Swiss government, the IRS announced Wednesday.

The agreement comes as U.S. tax authorities conduct a criminal investigation into Americans who used Swiss bank accounts of UBS /quotes/comstock/13*!ubs/quotes/nls/ubs (UBS 15.79, -0.11, -0.69%) /quotes/comstock/!ubsn (CH:UBSN 16.90, +0.42, +2.55%) to avoid paying U.S. taxes.

The settlement follows demands from the U.S. authorities that the bank hand over details on thousands of customers. U.S. tax authorities will gain access to 4,450 accounts of U.S. individuals who have accounts with UBS, according to the settlement.

However, the agency expects to have access to hundreds of additional accounts through other agreements. An IRS official said the number of U.S. clients could be in the "high 5000s."

"Wealthy Americans who have hidden their money offshore will find themselves in a jam," said IRS Commissioner Douglas Shulman. "You can expect us to continue to be aggressive with institutions that are helping Americans avoid taxes."

Comments (3)

Like this comment
Posted by Cholo
a resident of Livermore
on Aug 19, 2009 at 9:32 am

Goodness gracious, what in the world am I gonna do? I hope it's not curtains! I seriously that they will seriously search my off shore accounts in Haiti!!!


Like this comment
Posted by Cholo
a resident of Livermore
on Aug 19, 2009 at 9:34 am

Correction: I'm afray that they will search my off shore accounts in Haiti...I'm praying that doesn't happen...oh my! I been had that $$$$$$$$$$$$$$ squirreled away for decades!

I'll just wait an c...


Like this comment
Posted by Cool!
a resident of Downtown
on Aug 19, 2009 at 11:01 am

More TAX money for the US!

IRS gets a key to Swiss bank accounts
Government reaches deal to access as many as 5,000 UBS accounts that U.S. investors might have used to avoid taxes.

By Aaron Smith, CNNMoney.com staff writer
Last Updated: August 19, 2009: 1:14 PM ET




NEW YORK (CNNMoney.com) -- The Internal Revenue Service announced Wednesday that it has reached a deal with the Swiss government, gaining access to thousands of UBS AG accounts that Americans might have used to avoid paying taxes.

"Thousands of taxpayers who avoided paying taxes in the past are being brought into compliance," said IRS Commissioner Douglas Shulman in a teleconference with reporters. "As this agreement demonstrates, the world of international taxes has drastically changed."

An IRS press release stated that 4,450 accounts held by rich American investors were included in the settlement.

In the teleconference, Shulman said the IRS expects to gain access to a total of more than 5,000 UBS (UBS) accounts, through the IRS-UBS settlement, combined with a voluntary disclosure program and "other sources." He said these accounts have held $18 billion in assets at one time, though he did not have a current tally for their value


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