UBS Off-Shore Accounts on 60 Minutes

Posted By: David M. Piccolo on January 29, 2010 at 9:08:59 in All , News

Tags : , , ,

UBS Off-Shore Accounts on 60 Minutes

On January 3, 2010, 60 Minutes did a piece on the whistleblower 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.

Originally posted on www.piccololaw.ca, used with permission.

Financial Post

TaxChambers LLP articles now featured on the Financial Post.