Suit Against UBS to be Dropped by IRS


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.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »


Darrin Mish, Tampa Tax Attorney
The Law Offices of Darrin Mish, P.A.

Darrin T. Mish is a Nationally recognized Tax Attorney whose practice focuses on representing... View Profile »

Follow The Law Offices of Darrin Mish, P.A.:

Reporters on Deadline