IRS to Receive UBS Account Info

As part of a tougher stance on tax havens and tax evaders, a US-Swiss deal will provide information regarding approximately 4,400 suspect UBS accounts to the IRS. 

The IRS is offering a six-month amnesty program during which tax evaders may escape jail time by disclosing taxes evaded and paying back taxes and a penalty. According to the IRS, publicity over the UBS case has lead to hundreds of citizens seeking amnesty under the program, which ends on September 23.

Britain, Germany, and France have been reported to be taking a tougher stance on tax havens as well.

See David R. Francis, Economic Scene: A tougher stance on tax havens, Christian Science Monitor, Aug. 19, 2009.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.