IRS Withdraws UBS ‘John Doe' Summons Over Tax Fraud Allegations

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

The United States and Switzerland announce that IRS has withdrawn its legal proceedings against Swiss banking giant UBS over the bank's role in assisting U.S. clients to shield income from U.S. tax authorities. In a statement, the Swiss government said the IRS “has fully and definitively withdrawn the John Doe summons” against UBS after meeting conditions under a U.S.-Swiss agreement requiring UBS to review some 4,450 secret accounts of U.S. clients for handover to the IRS on grounds of tax evasion.