UBS Warns US Clients that IRS May Get Their Data

[sabra]

Source: CNBC/Reuters

U.S. clients of UBS have been warned by the bank that their undeclared income in Switzerland may be revealed to U.S. tax authorities, according to a letter obtained by Reuters on Friday.

The Swiss bank, which agreed to hand over 4,450 account names to the U.S. government in August, tells clients they have 20 days to appoint a lawyer in Switzerland, or be assigned one by the Swiss authorities, according to the letter, dated Sept. 10.

The process may "ultimately result in the submission of your account documents .... to the IRS (U.S. Internal Revenue Service) and the loss of the opportunity to participate in the IRS Voluntary Disclosure program," the letter said.

As part of that U.S. amnesty program, which ends Sept. 23, individuals pay back taxes, a reduced fine and can avoid criminal prosecution.

Read more: http://www.cnbc.com/id/32913295

[TheeHazelnut]

1. "Amnesty program" = lame

Great that they're doing this, but the scumbags doing this need to be kicked in the jewels, not have their hands held and given a chance to get away scott free.

[Soylent Brice]

2. i'll interpret: FBI informant tips off Mob of impending raid.

fuckers.

[kestrel91316]

3. Given the unabashed pandering to the wealthiest 2% that goes on in this country,

I am stunned that there is now an effort to go after their hidden unreported assets.

[DJ13]

4. Bye!

[imdjh]

5. So are they doing this in the Caymans and Antigua too?

It would be sweet to see the Bushes busted.

[drm604]

6. This is actually quite clever.

Imagine that you have undeclared income in UBS. You have no idea if your name will be among the 4,450 names that they've agreed to hand over. So you have a choice. You can take your chances and hope that nothing happens to you, or you can take advantage of the amnesty program, pay the taxes plus a fine, and avoid possible criminal prosecution. Which would you do?

They could end up collecting back taxes and fines on a lot more than 4,450 people.

[Jackpine Radical]

7. How can you tell when you're in the presence of someone with billions in a Swiss bank?

The shit in his pants smells like caviar.

[aquart]

8. WHEN, already?