Suit Against UBS to be Dropped by IRS

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In the ongoing tussle between the IRS and UBS bank of Switzerland over the identities of thousands of suspected tax evaders holding UBS bank accounts, the Swiss bank has recently released details of 2,000 such account holders thus far. The IRS duly expects the bank to honor their earlier commitment to disclose another 2,450 names of American tax dodgers this fall. The threshold of account balance the IRS is looking for is a minimum of 1 million Swiss francs (about $977,000). This also applies to American account holders who have sham company bank accounts with the same total. As such, the IRS has declared that it would drop a civil lawsuit against the bank although the release of the remaining names will be past the deadline of August 31.

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