Searching for Americans who have avoided paying their taxes, the IRS has succeeded in pressuring UBS to give it access to 5,000 of its accounts.
From Aaron Smith, CNN Money:
NEW YORK (CNNMoney.com) -- The Internal Revenue Service announced Wednesday that it has reached a deal with the Swiss government, gaining access to thousands of UBS AG accounts that Americans might have used to avoid paying taxes.
"Thousands of taxpayers who avoided paying taxes in the past are being brought into compliance," said IRS Commissioner Douglas Shulman in a teleconference with reporters. "As this agreement demonstrates, the world of international taxes has drastically changed."
An IRS press release stated that 4,450 accounts held by rich American investors were included in the settlement.
