UBS AG expects IRS to drop charges
The Internal Revenue Service filed a suit against the UBS AG in 2009 after an investigation showed that they had helped hundreds of clients evade taxes. Now that they have agreed to cooperate with the U.S. government, however, the IRS has agreed to drop charges against the bank.
The Internal Revenue Service filed a suit against the UBS AG in 2009 after an investigation showed that they had helped hundreds of clients evade taxes. Now that they have agreed to cooperate with the U.S. government, however, the IRS has agreed to drop charges against the bank.
Account data on nearly 4,450 former clients originally suspected of tax evasion was provided to investigators thus far by UBS AG, Bloomberg reports. Originally, the IRS sought information on approximately 52,000 accounts, but settled the matter when the bank agreed to hand over the information on 4,450 back in 2009.
"UBS can close the chapter on the suspected tax evaders now," business professor Franco Taisch told Bloomberg. "The bank has overcome that burden and can focus on its future business."
Tax evasion is considered a federal crime in the U.S. and may be punishable by jail time and fines. The government originally granted UBS AG clients a grace period to come forward without penalty. The period ended, however, and all offenders may face charges.
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