On August 26, 2010, the Swiss government said it had reviewed approximately 4,450 UBS client accounts and that half of the data had already been handed over to the United States.

HSBC appears to be the next target of U.S. government in its fight against offshore tax evasion. On June 21, 2010, the Department of Justice issued letters to HSBC clients informing them that they are subject to a criminal investigation.

On June 17, 2010, Swiss Parliament approved a Swiss-U.S. tax agreement that requires UBS AG to provide information to the IRS on 4,450 U.S. persons with undisclosed accounts at the Swiss bank.

Lower house of Swiss parliament rejects UBS agreement with the IRS to disclosuse client data of 4,450 U.S. UBS account holders.

After an announcement by one of the Swiss main political parties, SVP, it appears that the road for approval of the UBS deal by the Swiss Parliament is wide open.

Another UBS client pleads guilty to failure to file FBAR forms related to his Swiss account.

Los Angeles Tax Attorneys at Holtz, Slavett & Drabkin represent numerous taxpayers in the IRS Offshore Voluntary Disclosure Program.  After the initial information is submitted to the IRS Criminal Investigation Division, a letter is sent from IRS CID stating that the taxpayer has been preliminarily accepted.  The letter further advises that the case will be forwarded for [...]

Over the past 5 months, the IRS has issued 52 answers to frequently asked questions regarding the IRS’ Offshore Voluntary Disclosure Program.  The questions and answers provide valuable guidance into the offshore voluntary disclosure program and should be reviewed prior to making a voluntary disclosure.  Taxpayers have until October 15th to make a voluntary disclosure of [...]

IRS Extends Deadline for Offshore Accounts Amnesty Program until October 15, 2009

UBS Offshore Account FBAR Update