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UBS Completes Terms of DPA Agreement: All 4,450 Names Released

Posted in Offshore Account Update, UBS / HSBC on October 25, 2010 | Share

On October 22, the Department of Justice dismissed criminal charges against UBS, which had been accused of aiding U.S. account holders evade as much as $20 billion of combined taxes.
 
The dismissal is the result of UBS coming into compliance with an 18-month Deferred Prosecution Agreement (DPA), which began on February 18, 2009.  The DPA included numerous provisions such as financial penalties, but more concerning to clients, the agreement required UBS to turn over account records on clients who appear to have committed tax fraud. In accordance with the dismissal of all criminal charges, it is believed that UBS has provided all the necessary account information to the Justice Department. As many as 4,450 U.S. client names may have been disclosed based on the DPA.

Current clients who have already been accepted into the Voluntary Disclosure Program have nothing to fear about these developments, as they have already started the process to come into compliance before the threat of disclosure surfaced. 

Therefore, it is anticipated that the Internal Revenue Service and the Department of Justice will be contacting those individuals that have not already come forward. Any U.S. taxpayers who have not yet disclosed their foreign bank accounts located in any offshore locations, particularly those held at UBS, are urged to seek immediate representation from experienced tax attorneys. More information regarding the UBS name disclosures will be posted as it announced by the IRS and DOJ.

If you have an undisclosed HSBC offshore account contact Thorn Law Group today. Immediate action and experienced tax law representation is needed to voluntarily disclose your account in order to avoid criminal prosecution.


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