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UBS warns U.S. clients IRS may get their data

Posted By admin On September 18, 2009 @ 9:21 am In Money Watch | Comments Disabled

Kim Dixon
Reuters [1]
Friday, September 18, 2009

WASHINGTON (Reuters) – American clients of UBS AG were formally warned by the bank that their undeclared income in Switzerland may be revealed to U.S. tax authorities, according to a letter obtained by Reuters on Friday.

The Swiss bank, which agreed to hand over 4,450 account names to the U.S. government in August, told clients they have 20 days to appoint a lawyer in Switzerland, or be assigned one by the Swiss authorities, according to the letter, dated September 10.

The process may “ultimately result in the submission of your account documents …. to the IRS (U.S. Internal Revenue Service) and the loss of the opportunity to participate in the IRS Voluntary Disclosure program,” the letter said.

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UBS warns U.S. clients IRS may get their data aj150709banner1 [2]

The form letters were sent ahead of the approaching September 23 deadline for the IRS amnesty program, in which U.S. citizens can voluntarily reveal to tax authorities income held in tax havens such as Switzerland, Cayman Islands and Monaco.

In exchange for coming clean on their own, individuals pay back taxes, a reduced fine and generally avoid criminal prosecution. When that amnesty program expires, any tax cheats found by the government face more costly penalties as well as possible criminal prosecution.

Full story here. [1]


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URLs in this post:

[1] Reuters: http://www.reuters.com/article/newsOne/idUSTRE58H3FZ20090918

[2] Image: http://prisonplanet.tv/signup.html

[3] UBS closing U.S. clients’ offshore accounts -NYT: http://www.prisonplanet.com/ubs-closing-us-clients-offshore-accounts-nyt.html

[4] Swiss Bank: The U.S. Overestimates its Attraction as a Financial Center; Advising its Clients to Get Out of All U.S. Securities: http://www.prisonplanet.com/swiss-bank-the-u-s-overestimates-its-attraction-as-a-financial-center-advising-its-clients-to-get-out-of-all-u-s-securities.html

[5] Swiss spy agency warns U.S., Britain about huge data leak: http://www.prisonplanet.com/swiss-spy-agency-warns-u-s-britain-about-huge-data-leak.html

[6] Oldest Swiss Bank Tells Clients to Sell U.S. Assets or Leave: http://www.prisonplanet.com/oldest-swiss-bank-tells-clients-to-sell-u-s-assets-or-leave.html

[7] Swiss Negotiator for UBS Says IRS May Seek More Data: http://www.prisonplanet.com/swiss-negotiator-for-ubs-says-irs-may-seek-more-data.html

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