The word on the street is that another Swiss banker is in the process of disclosing information concerning offshore accounts.

U.S. taxpayers with accounts in foreign banks have only 1 week left (January 15, 2010) to make a complete voluntary disclosure of their accounts to the IRS or risk facing increased monetary penalties.

Many accounting firms are not using or are improperly utilizing Kovel letters to protect their client’s interests in offshore voluntary disclosures.

Now that the settlement initiative has ended, what will the IRS do next to find individuals with offshore accounts?

Thanks to UBS, we now have a blueprint of how the IRS and DOJ will shape their tax evasion investigations vis-a vis offshore accounts.