Home Add to Favorite Contact Submit  
           04 December, 2022

Category:  Press » Legal


Justice Department & IRS Announce Results of UBS Settlement & Unprecedented Response in Voluntary Tax Disclosure Program

         Views: 2160
2009-11-18 04:34:18     
U.S. Department of Justice

Deputy Attorney General David W. Ogden released the following statement regarding the announcement today by the Department of Justice and the Internal Revenue Service (IRS) regarding the results arising from previous settlements of civil and criminal cases against Swiss banking giant UBS AG. The Justice Department and IRS announced that over 14,700 taxpayers have come forward to report previously-undisclosed foreign bank accounts under the voluntary disclosure program the IRS implemented following the settlement. This figure represents almost double the initial numbers the IRS announced in October and dwarfs the number of voluntary disclosures received in 2008.

"The Department of Justice is pleased with the extraordinary results achieved from this landmark settlement," said Deputy Attorney General Ogden. "The message to American taxpayers is clear: the era of bank secrecy and hidden assets is over. We will continue to work closely with the IRS and our international partners to ensure that our tax laws are enforced fully and fairly, and that the rule of law is vindicated. We congratulate the IRS and the Department's Tax Division, as well as our partners in the Swiss government, for this achievement."

These voluntary disclosures, while extremely significant, are but one more step in the IRS and the Department's efforts to hold those U.S. taxpayers who have undisclosed foreign accounts responsible for their actions. These efforts began in February 2009, with UBS AG's agreement to enter into a groundbreaking deferred prosecution agreement, admitting guilt on charges of conspiring to defraud the United States by impeding the IRS. As part of the agreement, UBS immediately provided the United States with the identities of, and account information for, a number of U.S. UBS customers and paid $780 million in fines, penalties, interest, and restitution.

To date, the Justice Department has successfully prosecuted six U.S. customers of UBS whose information was provided pursuant to the Deferred Prosecution Agreement, and is conducting investigations of dozens of other UBS customers.

In addition to the deferred prosecution agreement, in August of this year, the IRS, the Justice Department, UBS and the Swiss Government, entered into a similarly landmark agreement, in the John Doe summons action, whereby the IRS was to receive thousands of additional undisclosed UBS accounts.

These criminal and civil efforts have, for the first time, breached Swiss bank secrecy and prevented taxpayers from hiding from the IRS regardless of the cross border nature of their accounts. Within the United States, there has been an unprecedented increase in the number of taxpayers who have come forward to voluntarily disclose the existence of their foreign bank accounts and agree to pay tens of millions of dollars to the treasury.

The Department of Justice and IRS also made public the criteria set out in the settlement reached in the civil John Doe summons suit against UBS, which governed the selection of account holders to be identified as part of the settlement. The criteria cover accounts of various amounts and types, including bank-only accounts, custody accounts in which securities or other investment assets were held and offshore company nominee accounts through which an individual indirectly held beneficial ownership. These criteria allow the IRS and the Justice Department to target the most egregious foreign account holders.

Specialized in: Ubs - Voluntary Tax - Disclosure Program
Print press release      Bookmark this page
Related Press releases 
Two Happy Homes, Inc. Sponsors TDE - The Divorce Expo™ in Naperville (Popularity: ): Ann Arbor, MI, July 04, 2012 -- The first Metro Chicago The Divorce Expo™ will take place August 18 at the Hotel Arista, at CityGate Centre in Naperville. The expo is designed for those facing the challenges of divorce; whether they are considering divorce, currently living through a divorce or dealing with the aftermath. The event offers top experts in their fields, keynote speakers, 20 plus interactive seminars and demonstrations.“With ...
New Legal Advice Engine launched for Solicitors and Law Firms (Popularity: ): Legal question and answer company, Expert Answers Ltd, has launched its Online Legal Advice Engine for use by solicitors and law firms in the United Kingdom.Online legal advice specialist, Expert Answers Ltd, has announced the launch of its new Legal Advice Engine for solicitors and law firms in the UK. This engine will benefit solicitors and law firms in three ways:• an additional service to offer clients • revenue generation • source ...
Leading Atlanta Law Firm gets a New Web Presence (Popularity: ): MENLO PARK, CA -- December 10, 2012 - Martenson, Hasbrouck & Simon LLP, a leading Atlanta, GA, based law firm recently launched their redesigned website with a new look web presence designed by Flying Cow Design. The law firm's new website is designed to address the changing legal needs and connect with a growing web-savvy audience. The law firm is among the leading law firms in Atlanta, GA, specializing in ...
Law Office of Brodsky & Smith, LLC Announces Investigation of IntegraMed America, Inc. (Popularity: ): BALA CYNWYD, Pa., June 11, 2012 -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of IntegraMed America, Inc. ("IntegraMed" or the "Company") (Nasdaq: INMD) relating to the proposed acquisition by Sagard Capital Partners ("Sagard").Under the terms of the transaction, IntegraMed shareholders will receive $14.05 in cash for each share of IntegraMed stock they own. The investigation concerns possible ...
Chevron Suffers Major Legal Setback as U.S. Court Throws Out Fraud Claims, Rejects Motion to Attach Assets, Says Amazon Defense Coalition Source: PR Newswire (Popularity: ): NEW YORK, May 14, 2012 -- Chevron suffered two new legal setbacks today when a U.S. federal judge, who usually favors the company, rejected its attempt to attach the assets of the Ecuadorians and their counsel who won an $18 billion judgment for environmental damage and separately tossed out two fraud-related claims against an American lawyer, according to published court decisions. Judge Lewis A. Kaplan -- who for the last ...

Related Business 
IRS Levy (Popularity: ): Tax Help Associates is a team of former IRS agents and tax professionals providing Business Consulting Services. We aim at helping tax payers in filing return on Unfiled Taxes and IRS matters like IRS Levy, IRS Settlement and Bank Levy.
Get IRS Tax Help (Popularity: ): Searching for Help with IRS? Our firm can present you with the IRS Tax Help you need. Numerous IRS problems produce an increase in IRS tax debt. If you’re coping with IRS back taxes, you're facing a tax audit or perhaps you're trying to lower IRS debt from interest and also tax penalties, our firm provides you the Help with IRS you need.
US Tax Shield (Popularity: ): Irs back tax help. The staff at Ustaxshield.com can offer top notch guidance to beating IRS tax liens within Atlanta. The IRS will take advantage of a taxpayer that is not knowledgeable about tax law and IRS collection procedures. Frankly, taxpayers need to be protected from IRS error, abuse and intimidation.
Thorn Law Group (Popularity: ): Thorn Law Group, which was founded by tax attorney Kevin E. Thorn, is an experienced law firm whose mission is to successfully represent you in sensitive tax controversies. Thorn Law Group assists clients all over the U.S. and internationally. We associate with local counsel throughout the world in a broad range of tax disputes, including Business and Employment Tax, Criminal Tax Investigations, IRS Audits and Appeals, International Tax Issues as ...
Instant Tax Solutions, LLC. (Popularity: ): Need an IRS Tax Attorney? Get Tax Relief from our team of experienced attorneys, lawyers, CPA's and IRS enrolled agents. Free Tax Relief Consultation. Our goal is to resolve your IRS tax problem, reduce your IRS tax debt, and relieve your anxiety and stress.
New Hope Tax Relief (Popularity: ): When you the owe the IRS money, life can be stressful. If you don't take action, the IRS may take enforced collection action to destroy your life. If that happens to you or someone you know, you need an IRS tax representation company you can trust. New Hope Tax Relief is one of the premier tax resolution companies in America devoted to protecting your tax rights. We can provide you ...
Tax Negotiations (Popularity: ): We work with IRS for every type of tax related and IRS related collection subject. But we specialize in IRS Wage Levy Releases and Federal Tax Levy Releases and the rare IRS Bank Levy Release. This site contains a lot of the information you need, and it will answer many of your questions about your Wage Levy, IRS Levy, Bank Levy, Federal Tax Levy, IRS Tax Garnishment, IRS Offer in ...
Thorn Law Group (Popularity: ): Thorn Law Group is an IRS tax law firm comprised of attorneys practicing and giving advice in the areas of IRS, Tax, audits, voluntary disclosures, IRS Office of Professional Responsibility ethics cases, offshore accounts, amnesty programs, in Washington DC, Baltimore, Maryland, Virginia, New Jersey, Florida and throughout the United States.
IRS Tax Relief (Popularity: ): Acquire IRS Tax Relief help to stop Tax problems. Find assistance with Back tax debt, Tax Debt Relief help through a tax consultant with our company. n case you fail to, the Internal Revenue Service(IRS) can do many things which includes hitting an individual with some sort of failing to submit fee.
Bill Conklin's Anti-IRS.com (Popularity: ): Colorado paralegal and tax consultant, claiming that income tax is voluntary.