It's no surprise that UBS wants to divest itself of its U.S. clients. Based on information from a former UBS employee turned IRS informant, U.S. prosecutors have demanded that UBS release the banking records of its 19,000 U.S. depositors. Armed with this information, prosecutors would have an open-and-shut case against any U.S. person who failed to report income or gain from their UBS account.
The Swiss government so far has refused to allow UBS to turn over these records, citing the country's bank secrecy laws. However, negotiations are underway that may permit banking records to be released on a case-by-case basis. If you're a U.S. person with an unreported offshore account at UBS—or anywhere else—contact a tax lawyer immediately for assistance. The IRS has you in their cross hairs.
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