Experienced Tax Attorneys

Call Us Confidentially Now: 202-349-4033

Call us confidentially now:

Confidential & Experienced Tax Lawyers

Get Help Now: 202-349-4033

News & Events

Swiss Parliament Gives Green Light to Disclose United States Taxpayers’ Names to Internal Revenue Service

Posted in Offshore Account Update, UBS / HSBC on June 17, 2010 | Share

June 17 – The lower house of the Swiss Parliament gave in to pressure from the upper house to not seek a popular referendum on the U.S. - UBS disclosure agreement. After finally voting to approve the agreement earlier this week, the lower house had stipulated that they wanted the issue to go through the country’s complex referendum process, presumably so that they were not held politically liable for the agreement to their constituents next election cycle. 

This agreement not to pursue the referendum makes the U.S. – UBS deal final.  The Swiss tax authorities are working to gather the information required by the U.S. – UBS deal for delivery to the IRS before the August deadline. 

We have every expectation that this deadline will be met, that the IRS and the Department of Justice will obtain the remaining 4500+ names, and that investigations of all identified U.S. taxpayers will begin in the coming months.

What does all this mean?  The UBS account holders that have not come forward will almost certainly be investigated by the Criminal Investigation Division of the Internal Revenue Service and will potentially face criminal charges and severe civil sanctions.

Of course, prosecution and sanctions are not limited to U.S. taxpayers who failed to disclose UBS accounts.  The U.S. government has been very vocal about pursuing U.S. taxpayers at other foreign banks as well.  Sources within the U.S. government have indicated that agreements similar to the very public one with UBS have been or are in the process of being completed with other foreign banks in Switzerland and other countries.

Stay tuned!

Thorn Law Group

Get Trusted Help Now

Over 80 years of expertise for your complicated tax law issues.

Back to the Top

Hear What Our Clients Have To Say

"Kevin Thorn, Managing Partner of Thorn Law Group, is an excellent adviser. My family and I are US citizens living in Europe and the US. Mr. Thorn helped us to understand our opportunities for international investments and estate planning issues so that my siblings and I may continue to further the growth of our businesses, to care for our aging parents and provide for our children. Mr. Thorn and his team were sensitive to our family's needs and helped us identify and understand our options and potential risks associated with US and international activity."
Elena Cardaropoli