UBS Ordered to Provide IRS with Information on other Swiss Banks

By Michael Cohn, Accounting Today 1/29/13

“On 1/29/13, Judge Pauley (Federal Judge, U.S. District Judge William H. Pauley III) directed the IRS to issue a summons requiring the Swiss Bank, UBS, to produce information about U.S. taxpayers who were trying to evade U.S. income taxes by holding accounts at other Swiss banks that did business with UBS.”

“Judge Pauley entered an order on 1/28/13 authorizing the IRS to require UBS to produce records on U.S. taxpayers with accounts at Swiss Bank Wegelin and other Swiss banks that used Wegelin’s U.S. correspondent account at UBS.”

“Judge Pauley’s order would enable U.S. authorities to determine the identity of U.S. taxpayers who hold or held interests in financial accounts at Wegelin and other Swiss financials that used Wegelin’s UBS account.”

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