CAUTION: Some Tax Basics of Offshore Account Holding

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Recently the Swiss Parliament in a monumental move repealed the long tradition of bank secrecy and eased the way for the Swiss government to hand over to the IRS the names of about 4,500 account holders in UBS AG bank suspected of evading taxes. This raises several important question including: who are these 4,500 people? What does this mean to other account holders? Who are more likely to be pursued? How should taxpayers come clean? And, What procedures to be followed?

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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.

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