Dismissal of Government's UBS Case Leads to Questions of Next IRS Target

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The U.S. government's dismissal of a criminal information against the Swiss bank UBS AG that was filed with a federal court in Miami leads to questions as to which offshore banking institution IRS will target next and what tactics the service will use in targeting offshore accounts. “The UBS case was the beginning of the end of Swiss bank secrecy,” tax controversy expert Bryan Skarlatos tells BNA. “We don't know whether it's the beginning of the end of IRS activity, or only the beginning. ” In August, the U.S. and Swiss governments announced that Switzerland had met its obligations under a landmark 2009 agreement with the United States to review 4,450 secret accounts held by U.S. taxpayers with UBS.

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