Switzerland’s UBS has passed account details of US residents to IRS

More than 14,700 Americans disclosed secret offshore bank accounts to the Internal Revenue Service, ensuring billions of dollars in new tax collections, claims Revenue Commissioner Doug Shulman.

“We have now gained access to thousands of taxpayers and bank accounts that we have never had before,” he said. “It has sent a shock wave around the world. It has showed we are serious about piercing the veil of bank secrecy.”

Americans with undeclared offshore accounts have been under growing pressure since Switzerland agreed in August to disclose information to the U.S. on a number of accounts.
The partial amnesty programme will permit taxpayers to repatriate offshore assets and avoid prison by paying back taxes, interest and reduced penalties.

Switzerland has stated it will turn over details of UBS accounts held by US residents who had more than one million Swiss francs (US$985,000) in undeclared assets.
Other criteria for disclosure include US citizens who were beneficiaries of “offshore company accounts.” In both cases, the review period is between 2001 and 2008, and there has to be a suspicion of “tax fraud and the like.”

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