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The article reports that a settlement between the U.S. Internal Revenue Service (IRS) and the Swiss government will result in UBS AG releasing to the IRS the names of U.S. citizens who hold over 4400 secret bank accounts at UBS. The IRS suspects tax evasion among these account holders, and indicated criminal prosecutions could begin within months.

The article reports that several U.S. citizens participating in a tax-evasion amnesty program offered by the Internal Revenue Service have identified ten Swiss and European banks where they held accounts. Credit Suisse Group AG and Julius Baer Holding AG were among the firms named. The development does not necessarily imply wrongdoing by these banks.

The article focuses on the crackdown on UBS AG clients who possibly are concealing income or the existence of foreign bank accounts from the U.S. government. It states UBS client John McCarthy agreed to plead guilty to a count of failure to file an annual report to the U.S. Treasury Department and that documents reveal the tax scheme channeled funds to a Swiss UBS account held by a Hong Kong entity. It mentions the Hong Kong link is used by the Internal Revenue Service as a clue of wrongdoing.

The article reports that UBS AG and the U.S. and Swiss governments have reached settlement of an investigation involving allegations by the U.S. Internal Revenue Service (IRS) that UBS was helping U.S. account holders evade taxes. Terms of the deal allow UBS clients to appeal to a Swiss tribunal before their information is released to the U.S. government.

The article reports that the U.S. Internal Revenue Service (IRS) has seen a sharp rise in applications to enter a voluntary disclosure program that ends in September, 2009. Participants who admit to tax evasion may face civil charges rather than more serious criminal ones. IRS efforts to obtain information on private accounts at Swiss bank UBS AG are seen as a motivating factor.

The article discusses efforts by the U.S. Internal Revenue Service (IRS) to obtain information from Swiss bank UBS AG on U.S. clients who may be involved in tax evasion. IRS investigators John McDougal and Daniel Reeves have played key roles in the case. In February, 2009, their work helped produce a $780 million settlement by UBS that also included disclosure of the names of over 200 account holders.

The article reports that in the aftermath of an indictment of a former UBS AG private banker on charges of assisting clients with tax evasion, several affluent UBS customers have sought amnesty through a program offered by the U.S. Internal Revenue Service. Under the program participants can avoid prosecution if they admit wrongdoing and pay all taxes and penalties due.

The article reports on the guilty plea entered into by businessman Jeffrey P. Chernick on July 28, 2009 to allegation of filing a false tax return and his admission about his hidden Swiss bank accounts which total over 8 million U.S. dollars. It states the intention of the Internal Revenue Service (IRS) to gain access to accounts held at UBS while conducting probe on possible tax evasion by clients. Court documents revealed that Chernick established his firm in Hong Kong, China and opened foreign bank accounts to hide his commissions from the IRS.

The article reports on the protection of UBS AG employees from the U.S. request of information on the identities of its 52,000 account holders as part of the tax-evasion inquiry of the Internal Revenue Service (IRS) under the Swiss law. UBS said that the U.S. ignores the Swiss law and its sovereignty in response to lawsuit it filed against the bank. It added that the request of IRS would require rewriting of tax treaties between the two countries. U.S. authorities noted that U.S. taxpayers used secretive Swiss bank accounts to evade U.S. taxes.