IRS DEDICATES ELITE SQUAD TO UBS ACCOUNTS
The UBS offshore bank accounts which US authorities suspect conceal billions of dollars in black money are to be handled by an elite squad of bean counters with the expertise to take them on.
A new office within the large and mid size business division will monitor the global transactions of super-affluent US citizens. This division has the most experience in sifting through complex international tax treaties, cross-border transactions and secret offshore companies – making it better suited to taking on the sophisticated structures assembled by tax lawyers.
US authorities expect to receive data on the 4,450 accounts within the coming months but it is not at all certain that they will receive all the information they want.
Although the Swiss government is in receipt of the relevant records, it now has up to a year to decide whether it wants to give them to the IRS. Meanwhile swiss bank account holders have the right to appeal the release of their confidential information.
