Bad news for tax evaders! UBS has reached an agreement with the IRS to turn over the names of 4,450 “U.S. account holders as part of a U.S.-Swiss tax-evasion settlement and investigation that could produce a total 10,000 account identities,” says the WSJ.
As part of the tax settlement, U.S. tax authorities will file a treaty request with the Swiss government to obtain the data on the American UBS clients, IRS Commissioner Doug Shulman said on a conference call with reporters. The Swiss government will then direct UBS to turn over the account data to the IRS, the agency said.
Mr. Shulman said the legal agreement allowed the IRS to obtain substantially all the information it was interested in.
The methodology used to choose the names has not been disclosed, but there is some speculation that “violations of Swiss law would be a factor.” Supposedly, the action doesn’t violation Swiss banking secrecy laws.