Jan

UBS Off-Shore Accounts on 60 Minutes

Posted By: David M. Piccolo on January 29, 2010 at 9:08:59 in News , Taxpayer Representation & Litigation

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UBS Off-Shore Accounts on 60 Minutes

On January 3, 2010, 60 Minutes did a piece on the whistle-blower who tipped off the IRS to the off-shore bank accounts held by Swiss Bank UBS. The information led to a court order against UBS forcing it to reveal details regarding accounts held by US taxpayers. The IRS subsequently created a temporary voluntary disclosure program to allow account-holders to disclose their income without prosecution.

That court order has been seen as an early step in preventing taxpayers from Western nations, including Canada, from using off-shore bank accounts in jurisdictions known for their bank secrecy laws.

Clips and more can be found here.