Swiss Banking Giant and U.S. Announce Deal on Secret Bank Accounts
Link from MSNBC. We are talking alot of tax cheaters out there. Hey, maybe this is how we can pay for health care : )
GENEVA - Swiss banking giant UBS AG agreed Wednesday to turn over to the IRS the details of 4,450 accounts suspected of holding undeclared assets by American customers, ending an intense trans-Atlantic legal fight.
IRS Commissioner Doug Shulman said the accounts held $18 billion in assets at one time. Many have since been closed, he said.
The deal will give the Internal Revenue Service thousands of long-sought account names, and is expected to provide even more UBS clients who voluntarily disclose their financial details to the agency, Shulman said.