IRS Audits of Thousands of Innocent Offshore Account Holders Expected as UBS Releases 52,000 Names of Potential American Tax Evaders
As a part of recent IRS efforts to find wealthy Americans who have been deliberately evading taxes by using offshore bank accounts, a deal has been reached today with UBS. The US Government and Switzerland have come to an agreement today that will force the Swiss bank, UBS, to turn over 52,000 names of suspected tax evaders.
According to the New York Times (www.nytimes.com), “UBS and the Swiss government have been battling efforts by the Justice Department to force the bank to disclose the names of 52,000 American clients of UBS suspected of offshore tax evasion. The efforts threatened to peel back layers of Swiss banking secrecy, the backbone of the world’s private banking industry, and have rattled UBS, the world’s largest private bank and a pillar of the Swiss economy.”
A hearing scheduled for Monday in Miami was postponed until Aug. 10, at which point more details are expected to be released. The judge scheduled another conference call with parties in the case for next Friday.
Secretary of State Hillary Rodham Clinton is scheduled to meet with the Swiss foreign minister, Micheline Calmy-Rey, in Washington on Friday to discuss the matter. The issue has unsettled the Swiss banking industry and escalated into a diplomatic incident between the two sides.
Going after offshore bank account holders is one of the major ways that the IRS is trying to close its $345 billion annual tax gap. There are many implications in the latest UBS development. Many innocent offshore account holders who did not use the Swiss account to evade taxes may be heavily investigated. It is important for innocent offshore account holders to know their rights and seek a tax lawyer’s representation when necessary.
The tax evaders who are guilty will be facing severe IRS penalties and interests. Learn how you can save your financial future through penalty abatement.
Avoid getting in IRS trouble in the first place. If you have an offshore account, you must know the IRS rules that require you to disclose all of your income (domestic and international). Read the IRS rules for foreign bank and financial accounts reporting (FBAR).
Don’t fight the IRS alone. If you find yourself in trouble with the IRS, you can contact our team of experts for a free consultation. Call us at 866-IRS-PROBLEMS (1-866-477-7762) or visit our website at www.TaxResolution.com
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