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).

Read the full article on the latest UBS settlement.

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

More Tax Help, IRS News and Tax Relief Tips:

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  2. Tax Help News: IRS Enforcement to Get Priority, Big Bucks in 2010
  3. Tax Evasion Schemes Are Too Costly To Be Worth The Effort
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3 Responses to “IRS Audits of Thousands of Innocent Offshore Account Holders Expected as UBS Releases 52,000 Names of Potential American Tax Evaders”

  1. UBS Settlement Update: What Foreign Bank Account Holders Need to Know to Avoid Civil and Criminal IRS Penalties | Tax Relief Tips from the Experts at Tax Resolution University Says:

    [...] UBS has just struck a deal with the US Government to give up 52,000 names of Americans who have Swiss bank accounts. In the upcoming weeks, we can expect to see many guilty tax evaders being charged with heavy IRS penalties as well as innocent account holders who will need to defend themselves. (Read more about the latest UBS settlement.) [...]

  2. Offshore Account Holders Can Still Seek Amnesty from Criminal Prosecution and Lower IRS Penalties Till September 23 | Tax Relief Tips from the Experts at Tax Resolution University Says:

    [...] and the U.S. and Swiss governments are nearing a settlement over the Swiss bank’s forced disclosure of 52,000 names of

  3. Michael Rozbruch to Share Expert Tax Help Advice on Fox Business News, September 2nd at 8am PST | Tax Relief Tips from the Experts at Tax Resolution University Says:

    [...] current IRS tax climate is troublesome for some taxpayers who may find themselves under scrutiny by the IRS even when they are innocent. It is extremely important to stay informed and understand your rights [...]

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