UBS to reveal data to IRS on thousands of accounts
(Bloomberg): An agreement by UBS AG Switzerland’s largest bank, to reveal data on 4,450 accounts may lead to a larger crackdown on tax evasion by banks and lawyers, said U.S. Internal Revenue Service Commissioner Douglas Shulman said. UBS has agreed to hand over the information to settle a U.S. lawsuit seeking the names of Americans suspected of evading taxes through 52,000 Swiss accounts. The bank will give the material to the Swiss government, which would then determine how much will go to the IRS. “We’re finding out about financial institutions that facilitated tax evasion and we’re going to pursuethem,” Shulman added.
Category: Business
