Money Morning, 20 Sep 2009
A $780 million settlement between UBS AG (NYSE: UBS) and U.S. authorities that established a Sept. 23 deadline for tax cheats to declare they own Swiss accounts has tax dodgers on the run.
U.S. citizens with offshore accounts are scrambling to avoid prosecution as the “drop dead” date for an Internal Revenue Service (IRS) amnesty program approaches.
Fink said an undisclosed number of his clients came clean about 250 accounts at a dozen Swiss banks, as well as banks in Germany, England, Italy, Belgium, Singapore and Hong Kong. Other attorneys reported clients disclosed accounts to the IRS in Israel as well as the Bahamas, Granada and the Cayman Islands.
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