IRS issued a News Release on August 19 that didn't garner a lot of attention; however, it has the potential to send major ripples through the financial world as we now know it. IRS entered a settlement agreement with the Swiss Bank UBS to obtain information regarding US account holders at UBS. The agreement effectively opens up the same information for all Swiss Bank accounts. Look for a flurry activity as the IRS cracks down on those who have been "hiding" assets with a variety of civil and criminal penalties. There are benefits to coming clean voluntarily and early and Swiss Banks will notify any account holders that they have released information to the IRS. Our recommendation for anyone worried about the potential reporting of their Swiss Bank accounts is to be proactive in approaching the IRS now.
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