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Editor: Paul L. Caron
Pepperdine University School of Law

Wednesday, July 29, 2009

UBS Tax Shelter Case Update

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We are advising taxpayers with non-compliant offshore accounts not to take a "wait and see" approach as to what happens in the UBS litigation in Miami. If there is a settlement, UBS will almost surely give up some names, and if a taxpayer is on that list, that taxpayer would be ineligible for the voluntary disclosure program. In addition, HSBC and Credit Suisse are also being investigated for aiding tax fraud, independently of UBS. In addition, Switzerland, Liechtenstein and many other offshore jurisdictions have signed Tax Information Exchange Agreements. In other words, there is a substantial likelihood of discovery, irrespective of the outcome of the UBS case.

Posted by: A. Rubinstein | Jul 30, 2009 11:35:54 AM