It has been announced that a deal has been reached in the impasse between the IRS and UBS. While details are still sketchy, it appears the settlement will include a $780 million fine and the release of the client data on 250 American account holders who have been proven to have engaged in tax evasion:
http://online.wsj.com/article/BT-CO-20090731-7140…
Still no word on whether any more client data will be released. The rest of the details of the settlement are expected to be disclosed by August 7.
I might be slightly off-topic, but I always find it disturbingly crazy that American citizens have to pay Federal income tax on revenue earned abroad. No wonder some try to engage in tax "avoidance". In my opinion, it is actually sad that tax legislation is too slow to adapt for Americans to witness what one would call "tax arbitrage".
What a joke, another $780MM fine? I'd tell the US to go **** themselves and start welcoming tav evaders with open arms.
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