IRS Seeks UBS AG Client List of Swedish Accounts for Tax Evasion

ubsThe IRS is asking a Miami district court to force UBS AG to disclose the names of account holders with Swiss Bank accounts who have avoided U.S. taxes. The IRS claims there are up to 52,000 accounts with positions totaling $15 billion+ UBS AG says it will fight the court order and says it shouldn’t have to disclose the information as it already has a current agreement with the U.S. government, and given Swedish financial and privacy laws. UBS has already agreed to pay $780 million in U.S. fines for aiding accounts in avoiding U.S. taxes. U.S. Justice Department acting attorney general John DiCicco said in a statement, “Americans are losing their jobs, their homes and their health care, it is appalling that more than 50,000 of the wealthiest among us have actively sought to evade their civic and legal duty to pay taxes,”


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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to hercules@business2press.com
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