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News & Events

Category: Offshore Account Update - Page 40

UBS Settlement Details Are In - Will Disclose 4,500 Names

Offshore Account Update, UBS / HSBC

Posted in on September 5, 2009

The agreement requires UBS to turn over approximately 4,500 names of US taxpayers with foreign accounts.  However, UBS is not required to turn over any names until AFTER the September 23 deadline for US taxpayers to voluntarily disclose their accounts using the offshore account settlement initiative. 

 

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US PREPARING TO PROSECUTE 150 WITH UNDISCLOSED FOREIGN ACCOUNTS

Offshore Account Update, UBS / HSBC

Posted in on September 3, 2009

Obviously, some people believe these are the most egregious cases, what the government would call the most challenged offenders.  However, others believe, these are some of the names of US citizens that were released to the government by UBS in February.  

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US Confirms Settlement with Swiss in UBS Offshore Account Battle

Offshore Account Update, UBS / HSBC

Posted in on September 1, 2009

IRS Commissioner Douglas Shulman confirmed Wednesday that the U.S. has reached a settlement agreement with the Swiss government regarding the ongoing UBS battle over the names of U.S. account holders with UBS.

 

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Kovel Letters Are Necessary for Offshore Voluntary Disclosures!

Offshore Account Update

Posted in on August 4, 2009

I have received numerous e-mails and calls concerning whether or not CPAs, Accountants and Enrolled Agents should be retaining counsel and using Kovel letters with Offshore Voluntary Disclosures of Undisclosed Foreign Bank Accounts.

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US & Switzerland Reach Deal In UBS Litigation

Offshore Account Update, UBS / HSBC

Posted in on August 4, 2009

The U.S. and Swiss governments have reportedly reached a deal in the on-going UBS litigation saga.  The governments are expected to finalize the details and for the district court of Friday, August 7.  However, sources close to the negotiations say the details of the settlement are unlikely to be released to the public the same day. 

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"I have personal knowledge that the tax attorneys at Thorn Law Group have developed a nationwide practice guiding individuals, banks, trusts, foundations and other organizations through the processes involved in managing and disclosing offshore bank accounts. The goal for our attorneys is to resolve potential legal issues in advance in order to bring their offshore bank accounts into compliance with government regulations."
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