UBS Delivers Names IRS Drops Suit

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In its long-running feud with UBS, the IRS has recently dropped its legal suit against the Swiss bank after receiving names and account details of wealthy American UBS customers suspected of evading taxes. The IRS may have another voluntary disclosure program in which taxpayers holding UBS accounts who have been dodging taxes are given the opportunity to declare their assets and pay their taxes and penalties in exchange for immunity from prosecution.

The frst time a voluntary disclosure program was launched (that ended October 15, 2009), about 15,000 taxpayers owned up about their offshore accounts. However, less than 10% of these 15,000 cases have been resolved. The IRS has been playing cat and mouse since 2008 and with this most recent disclosure by the Swiss government, IRS Commissioner Doug Shulman declared that the ‘frst chapter’ of the IRS quest to end bank secrecy and fnd US taxpayers with concealed offshore accounts has been closed.

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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.

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

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