IRS Says It May Withdraw UBS Case After Handover of Swiss Data
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Switzerland said it expects to deliver account data on almost 4,450 UBS AG clients suspected by the U.S. of tax evasion, prompting the Internal Revenue Service to say it will drop a lawsuit against the bank within months.
The dispute stems from a U.S. crackdown on offshore tax evasion, marked by an IRS lawsuit in February 2009 that sought data on as many as 52,000 UBS accounts. The bank settled the so-called John Doe summons case in August 2009 by agreeing to hand over data on 4,450 accounts. The Swiss Federal Tax Administration said today it surrendered about half of the accounts.