The United States government has been pressing UBS AG, one of the Switzerland’s largest banks, to release the names of a reported 52,000 wealthy Americans with accounts at the bank. Federal authorities suspect that some U.S. taxpayers may be using accounts at UBS to evade taxes. A civil case brought by the United States against UBS has been pending in the South District of Florida. According to various press reports in the United States and Switzerland, it appears now that the Swiss banking powerhouse has reached a settlement with the U.S. in which data regarding approximately 5,000 American clients of the bank would be handed over to the federal authorities. These UBS clients would likely include the largest accounts. A Justice Department lawyer with DOJ’s Tax Division, Stuart D. Gibson, announced the deal was agreed to on July 31 at a telephonic status conference. Final details of the settlement must be agreed to by Aug. 7 in order to head off a trial now scheduled to begin on Aug. 10. Does it meant that this is the only names that will be released or just a first step in the process of disclosing additional names and information? At this point, we just can say that time will tell, and that taxpayer with offshore bank accounts may want to consult with a tax attorney.
Former IRS Attorneys of Holtz, Slavett & Drabkin are ready to answer your questions and can be reached at (310) 550-6200.
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