I.R.S. Is Said to Broaden UBS Inquiry
By LYNNLEY BROWNING, The New York Times
The Internal Revenue Service, which is participating in a broad federal investigation into UBS and its offshore private banking services, is widening its scrutiny to include ordinary accounts owned by Americans who work overseas, according to a person briefed on the issue.
The expanded scrutiny, which is being conducted by the agency’s civil division, parallels a narrower investigation by the Justice Department’s criminal division into scores of wealthy American clients with hidden offshore accounts run by UBS.
The so-called expatriate accounts are maintained in the same division, global wealth management and business banking, that oversaw the offshore accounts business now under criminal investigation. Prosecutors are investigating whether UBS, the world’s largest private bank, helped up to 19,000 wealthy American clients improperly deposit $20 billion overseas, evading an estimated $300 million a year in taxes.
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