Gary M. Slavett, J.D., LL.M., Former IRS Attorney
On August 25, 2009, the IRS updated its FAQs to the Offshore Voluntary Disclosure Program (“VDP”) to include additional information regarding UBS Account holders and their eligibility to participate in the offshore VDP.
As part of the agreement with the Switzerland government and UBS announced by the IRS and Department of Justice on August 19, 2009, UBS will be sending notices to account holders indicating that their information may be provided to the IRS under the agreement. The question is whether this notification by UBS to the account holder will disqualify the account holder from the offshore VDP. Recently added IRS FAQ 52 provides that if an account holder receives notification from UBS before September 23rd, this notification will not by itself disqualify the account holder from making a voluntary disclosure under the offshore VDP by the September 23rd deadline. The FAQ warns that many of these notices will be not be sent by UBS to account holders until after September 23rd, and that the September 23rd offshore VDP deadline applies to all UBS account holders even if they have not received a notice by that date.
Former IRS Attorneys at Holtz, Slavett & Drabkin are ready to answer your questions and can be contact at (310) 550-6200.
Author: Gary M. Slavett J.D., LL.M., Former IRS Attorney