August 15, 2009
"The Tip of the Iceberg" - A Plea in the UBS Swiss Accounts
UBS entered into a deferred prosecution agreement with the government (see here). The agreement included that UBS would provide the U.S. government "with the identities of, and account information for, certain United States customers of UBS’s cross-border business." Things initially moved slowly as an agreement needed to be reached regarding the release of information in light of privacy laws (see here). But with these two steps apparently settled according to press reports, it is not surprising to see an individual reaching a plea agreement with the government for failure to disclose UBS Swiss bank accounts to the IRS. A DOJ Press Release reports that this individual "admitted that he failed to pay at least $200,000 in federal income taxes and that he now owes the government interest and penalties."
One has to wonder if the government action of proceeding against individuals with Swiss accounts that were not properly reported to the IRS, will assist the US economy. Eileen C. Mayer, Chief of IRS-Criminal Investigation, called this prosecution "the tip of the iceberg."
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I am all for cooperation from the Swiss and collecting unpaid taxes, but this will only be a drop in the bucket of what this administration and congress are spending right now.. Its not going to help the economy or lower the deficit...
Posted by: Settlement | Dec 29, 2009 5:38:35 PM
Are you kidding??? Cooperation from the Swiss with collecting unpaid taxes??? Yea right... I'll believe it when I see it....
Posted by: Settlement | Mar 7, 2010 6:23:43 PM