IRS-UBS agreement details released
August 20, 2009 by Personal Liberty News Desk
The Justice Department has unveiled the details of the agreement it recently struck with Swiss bank UBS regarding the disclosure of the names of American citizens suspected of hiding assets in its accounts.
It has been announced that based on a treaty request that will be submitted to the Swiss government UBS will turn over the names of almost all of the accounts the IRS requested last summer when it initiated the so-called John Doe summons.
The request will cover bank-only accounts, custody accounts in which investment assets were held and offshore company nominee accounts through which an individual indirectly held beneficial ownership in the accounts.
Judicial enforcement of the John Doe summons will be terminated, however the government has retained the right to resume the action if the information it receives is substantially less than expected.
Account holders whose data ends up relayed to the IRS will receive notifications from the bank on a rolling basis in the next few months. However, those who received a notice will still be eligible to contact the IRS under the Voluntary Disclosure Program which offers to lower the penalty and, under certain circumstances, shield an individual from prosecution. They will have to do so by September 23, when the program is due to expire.
For those whose information it receives, the IRS will assess any additional tax, interest and the applicable penalties, including for willful failure to file a Report of Foreign Bank and Financial Accounts.
It will be interesting to see how much money has been hidden.
The government is sucking us dry and driving out the wealthy in record numbers! Why wouldn’t anyone with wealth get the money out and themselves out of the USA! They would be fools to stay here! Then we will see how many poor people begin hiring! That will be interesting!
The list will probably have many elected officials on it. Will anything be done? No, they are the elite! The IRS should go after the boys in the beltway, and fine them to destruction!
This country is doomed!
The folks with big money should be able to put as much of the after-tax loot as they wish anywhere they want. The real issue is the tax code which encourages the need to do this… If we had TERM LIMITS on all the House and all the Senate, maybe we’d not have all these problems where rules are written for the well-entrenched. But then, I’m just dreaming out loud, so while I’m at it I might as well throw in a wish for the Fair Tax too.
The issue is not the money put into these accounts. It is the authority to demand anything from a foreign entity. The Swiss should tell the IRS to get stuffed. Along with this the IRS is not even an agency of the U.S. Government ( I know they act like it but they are not) so the only reason the Swiss would agree is if this agency were able to bring some kind of tremendous pressure to bear. Hmmm… I wonder what that could be? If the Swiss do in fact turn over this infomation, do you honestly believe that they will get any more business from these people or others? Not likely.
Now lets see, I wonder how many of the lefties out there have Swiss
bank accounts? I wonder how many of them will be brought to justis?
It’s just more of Obama and his “PRIVATE” troops taking over our
individual rights. By the way, I am not the holder of a Swiss bank
account.
Does the constitution provide the inalienable right to avoid taxes to those who have sufficient wealth to wish to avoid taxes? I personally am not offended by the IRS persuing tax collecttion from those who have sought to hide earnings overseas to avoid taxes. Perhaps, the great deficits of governmet will bereduced substatially with collection of taxes from those who have sought to avoid them. As an item of information perhaps we should ask what percent of Aamericans have overseas bank aaccounts to see how many much of the American public is being affected. I understand that there are people who believe and dsupport a view that those who make money have greater rights than others because we have a capitalistic system.
I do not support that type of preferential approach even tough I understand that democracy is greatly enabled by capitalism. Egual rights and responsibilities I consider greaater values of our society.
The problem is that income tax is unconstitutional. If UBS would of told the IRS to get lost they would of had so much business the fines would have been worth it. The IRS is a part of the fed reserve, we need to take back our money system…..
There must be something in it for UBS, or what, spinelessness is contagious? Of course the IRS is going to forward these billions to wise investors looking out for the “legitimate American taxpayer.” If we had wise leadership the shift to taxing the back-end of spending, and not the front-end earnings, could reap a long-term windfall. But that’s too scary. Spinelessness is all the rage, from civilian cheese-heads, through the military brass. Frightening; I want a new drug.