IRS Sees Withdrawing Case Against UBS This Fall
Taxation Partner Kevin Packman was quoted in an Automated Trader article titled, "IRS Sees Withdrawing Case Against UBS This Fall."
The article reports that United States tax officials said they expect to be able to withdraw legal action against UBS after Swiss officials hand over the remainder of 4,450 sets of confidential client data on wealthy Americans with hidden offshore accounts at the Swiss bank. As soon as the data handover is completed, the IRS will decide which of those account holders who didn't come forward to pursue and whether to pursue criminal indictments. "We're going to see a lot of activity," said Mr. Packman. Individuals that turn themselves in at this late hour shouldn't count on leniency, but they would still be better off "than waiting for the government to find you," he said.