UBS warns U.S. clients as tax amnesty nears end

Source: Reuters

WASHINGTON (Reuters) - UBS AG has formally warned wealthy American clients that their secret Swiss accounts may be revealed to U.S. tax authorities after next Wednesday's expiration of a U.S. amnesty program.

A UBS letter obtained by Reuters tells clients their accounts fall under a deal signed in August that ended a long-running dispute with the U.S. government over off-shore assets of U.S. clients.

The letter lands in the mailboxes of rich Americans as they decide whether to participate in the U.S. Internal Revenue Service's amnesty program -- a chance to reveal income in tax havens such as Switzerland, Cayman Islands and Monaco while generally avoiding prosecution.

<snip>

When the IRS amnesty program expires, tax cheats face more costly penalties as well as possible criminal prosecution.

"These people are panicking," said Paul Behling, a lawyer with Withers Bergman, a firm working on about 300 such cases worldwide. "Basically it's a rush for them."

Read more: http://www.reuters.com/article/businessNews/idUSTRE58H3FZ20090918?feedType=RSS&feedName=businessNews&sp=true

"The letter lands in the mailboxes of rich Americans as they decide whether to participate in the U.S. Internal Revenue Service's amnesty program"

is there ANY chance that the names (AFTER the investigations are closed, for obvious reasons) can ever be discovered via a FOI petition, i wonder?


that might make for some very interesting (or embarassing? lol) reading, doncha think?

and they can buy legislation favorable to their cause.
The little guy has nothing, knows nothing and therefore a target.

'Everybody who was coming to my office last week, said 'it's not going to be me,'" said Bryan Skarlatos, a tax lawyer at Kostelanetz & Fink in New York.'

oh yes it will be you, you scurrilous bastards.

I hope they tell us their names!

... but something tells me that some obscure "privacy law" will PRECLUDE that disclosure, HENCE the non-prosecutions


in other words, i'm thinking the offer OF amnesty is DESIGNED to deny the people their right to know

if you're being criminally prosecuted, trial transcripts are (generally speaking) public records


an "agreement" can be sealed with consent of both parties

i'm anxious to see how this one plays out

heaven forbid I pay my fair share of U.S. taxes. Taxes are for commoners.

:sarcasm:

... only LITTLE people pay taxes!

have to even pay the taxes owed?

They actually told people publicly that they were coming after their secret Swiss bank accounts? why would they do that, except to give these rich crooks time to transfer their accounts to Belgium or Monaco, where the banking is even sleazier? Just another example of the government pretending to do something while actually enabling rich crooks.:mad: :puke: