UBS Settlement With Swiss Government Includes Disclosure of Information on Thousands of U.S. Account Holders
Though this story does not fall under our typical daily umbrella here at CCI per se, it is still quite an important one. And since the IRS, DOJ, tax compliance, and huge sums of money are involved…it’s worth posting.
If you have not heard, UBS AG recently reached a settlement with the Swiss government that will include UBS handing over an “unprecedented amount” of information regarding thousands (5,000+) of U.S. account holders. The IRS and DOJ have been champing at the bit to receive such information, as many wealthy Americans use offshore accounts at banks like UBS to shield wealth from the tax authorities.
What does it mean? Well, as IRS commissioner Douglas Shulman is quotes as saying, “The days of hiding an asset overseas are days that clearly are eroding.”
This video from Bloomberg discusses the issue in more depth:
Here are your links and excerpts to learn more:
UBS to hand over names of 5,000 U.S. clients to IRS, DOJ
UBS AG agreed to give the U.S. Internal Revenue Service an “unprecedented amount” of information on thousands of U.S. holders of accounts at the Swiss banking group as part of a settlement with the Swiss government, the IRS announced Wednesday.
The agreement comes as U.S. tax authorities conduct a criminal investigation into Americans who used Swiss bank accounts of UBS to avoid paying U.S. taxes.
The settlement follows demands from the U.S. authorities that the bank hand over details on thousands of customers. U.S. tax authorities will gain access to 4,450 accounts of U.S. individuals who have accounts with UBS, according to the settlement.
However, the agency expects to have access to hundreds of additional accounts through other agreements. An IRS official said the number of U.S. clients could be in the “high 5000s.”
“Wealthy Americans who have hidden their money offshore will find themselves in a jam,” said IRS Commissioner Douglas Shulman. “You can expect us to continue to be aggressive with institutions that are helping Americans avoid taxes.”
>>>read the entire article “UBS to hand over names of 5,000 U.S. clients to IRS, DOJ” at MarketWatch
Shulman Says U.S. Expanding Tax Inquiry After UBS ‘Victory’
IRS Commissioner Douglas Shulman said the U.S. scored a “huge victory” in persuading Switzerland to turn over the identities of 4,450 Americans with secret UBS AG bank accounts and said the agency’s probe is expanding.
>>>read the entire article “Shulman Says U.S. Expanding Tax Inquiry After UBS ‘Victory’” at Bloomberg
U.S. says Swiss to process more bank tax requests
The Swiss government has agreed to “review and process” additional requests by the United States for information from Swiss banks besides UBS AG about account holders suspected of evading U.S. taxes, the U.S. government said on Wednesday.
The U.S. and Swiss governments signed a pact on Wednesday for giant Swiss bank UBS to turn over account information involving thousands of Americans believed to have evaded U.S. taxes for years.
The agreement would end a case that has strained U.S.-Swiss relations and would also pierce vaunted Swiss bank secrecy which has frustrated U.S. tax authorities for decades.
>>>read the entire article “U.S. says Swiss to process more bank tax requests” from Reuters
US agrees Swiss tax deal over UBS
The US and Switzerland have signed an agreement designed to end a tax evasion dispute surrounding UBS’s US customers.
The Swiss banking giant will now give the US tax authorities the details of 4,450 accounts, US officials said.
Internal Revenue Service Commissioner Doug Shulman said the accounts held $18bn in assets at one time, and many have since been closed.
>>>read the entire article “US agrees Swiss tax deal over UBS” from BBC News
Tags: DOJ, irs, tax compliance, UBS
