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Editor: Paul L. Caron
Pepperdine University School of Law

Wednesday, August 19, 2009

UBS Agrees to Release 4,450 Names to IRS in Tax Evasion Case

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» UBS Settlement: Russian Roulette for offshore investors? from Roth & Company, P.C.
The IRS will settle for getting the names of 4,450 of the 52,000 or so UBS Swiss bank account holders... [Read More]

Tracked on Aug 20, 2009 8:42:38 AM


The release of names will not be immediate. UBS will notify the U.S. account holders who are on the list. UBS will also give the files to the Swiss Government so that the Swiss Government can make a determination whether to share each name with the IRS. The US account holders will also be able to challenge the release of information within the context of the Swiss legal system. This buys the US account holders some time. However, time is not on their side with respect to the IRS' Voluntary Disclosure Program, which expires on Sept. 23. Americans with non-compliant accounts at UBS should come forward soon.

Posted by: A. Rubinstein | Aug 20, 2009 7:48:39 AM