There are many reports in the news media about the latest Swiss efforts to turn over formeraly “secret” Swiss UBS bank account to the IRS. The Boston Globe:
“Swiss lawmakers yesterday ended a standoff and approved the bank’s settlement with the United States, clearing the way for the names to be transmitted to tax authorities as early as this week. Lawyers said Americans who ignored an IRS offer last year to reduce penalties in exchange for voluntary disclosures now are flooding their offices with calls seeking advice on how to avoid possible sanctions that could include prison sentences.” See http://tinyurl.com/24jpfa9.
The Swiss Parliment approved the agreement to allow UBS to turn over thousands of bank accounts held by US citizents. The Washington Post:
“The Swiss parliament approved a deal Thursday to help the Internal Revenue Service obtain the names of Americans with secret accounts at Switzerland’s largest bank.
The approval averted a renewed conflict between the U.S. and Swiss governments over bank secrecy. If the deal had collapsed, Swiss banking giant UBS faced the threat of potentially crippling U.S. legal action.
Instead, the breakthrough paves the way for the Swiss government to turn over the names and account details of as many as 4,450 U.S. clients of UBS suspected of using undeclared accounts to hide income and evade taxes.” See http://tinyurl.com/2akzgc6.
There is still time for you go to the IRS and voluntarily disclose your “secret” bank account. There is a process and my law firm is actively engaged in handling such disclosure to the IRS. Contact me if you want to explore voluntary disclosure to the IRS or you want more information.
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