But do not breathe a sigh of relief just yet. The criteria used to refine the list is a closely-guarded secret. Any UBS depositor is still at risk. We simply cannot know for sure for whom or what the US government is looking.
Read MoreThe agreement requires UBS to turn over approximately 4,500 names of US taxpayers with foreign accounts. However, UBS is not required to turn over any names until AFTER the September 23 deadline for US taxpayers to voluntarily disclose their accounts using the offshore account settlement initiative.
Read MoreObviously, some people believe these are the most egregious cases, what the government would call the most challenged offenders. However, others believe, these are some of the names of US citizens that were released to the government by UBS in February.
Read MoreIRS Commissioner Douglas Shulman confirmed Wednesday that the U.S. has reached a settlement agreement with the Swiss government regarding the ongoing UBS battle over the names of U.S. account holders with UBS.
Read MoreOffshore Account UpdatePosted in on August 4, 2009
I have received numerous e-mails and calls concerning whether or not CPAs, Accountants and Enrolled Agents should be retaining counsel and using Kovel letters with Offshore Voluntary Disclosures of Undisclosed Foreign Bank Accounts.
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