Swiss Federal Adminsitrative Court Halts Disclosure Of Offshore Account Names
On January 22, 2010, a Swiss Administrative Court ruled, that the failure by US citizens to complete certain tax forms (like W9s) or to declare income does not constiture "tax fraud" and, as a result, UBS account information may be delayed in being turned over to US authorities.
As a result of this decision, the first question that comes to mind is, how will this effect the future disclosure of the 4,500 or so names agreed upon by UBS and the US government?
The direct answer is, we do not know yet and based upon the statements released by the Swiss government on January 27th, both the US and the Swiss appear to want to find a solution to this new problem as quickly as possible.
However, there are many obstacles to overcome and a resolution is far from defined at this time.
What is certain? UBS account holders now have more time to come forward and sort out their issues with the US government.