US tax-haven accountholders want TAX AMNESTY now that they've been busted!

[elehhhhna]

Wealthy clients of Swiss bank UBS AG are coming forward to make amends with tax authorities, a sign U.S. efforts to battle offshore tax evasion and dent Switzerland's bank secrecy are having the desired effect.

William M. Sharp Sr.
Moved to take action after a former UBS private banker was indicted and spilled valuable secrets, the UBS clients are hiring tax lawyers and pursuing amnesty through an Internal Revenue Service voluntary disclosure program. The program allows U.S. citizens to avoid criminal prosecution if they acknowledge evasion and agree to pay taxes and penalties.

The clients' actions are a boon for the IRS, which lacks the staff to go after about 20,000 U.S. citizens who U.S. authorities say worked with UBS private bankers to avoid taxes.

The moves come as UBS, U.S. authorities and the Swiss government have accelerated talks aimed at releasing data on the offshore accounts of U.S. taxpayers, people familiar with the matter said.

Meanwhile, the IRS is considering a national settlement that would speed up the process for UBS clients to come forward en masse. Likely to be based on a 2003 landmark offshore credit-card and tax-fraud deal, though with stiffer penalties, the settlement could obviate the need to gain the cooperation of the Swiss government, which has been reluctant to turn over private-bank client information.

http://online.wsj.com/article/SB122747979318351549.html?mod=googlenews_wsj


I CALL BS! We DID a 2-year tax amnesty in '01-'03

[Xipe Totec]

1. Where is the money, Lebowski?