Rich Americans come clean about offshore accounts

| 30/07/2009

(Bloomberg) — Hundreds of wealthy Americans are revealing they have offshore bank accounts as the US and Swiss bank UBS negotiate to resolve a lawsuit seeking the identities of 52,000 Americans suspected of tax evasion. The Internal Revenue Service received about 400 applications last week for a temporary program that waives some penalties related to hiding assets in undeclared accounts. “We’ve been seeing an increasing amount of interest in the voluntary disclosure programme,” said IRS spokesman Terry Lemons said.


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