Following a deal between the IRS and Swiss bank UBS AG, an institution in which accountholders from all over the world could hide their money from their country’s tax, the identities of American accountholders have been made available to the proper authorities. This has led to cases like that of Juergen Homman, a New Jersey businessman, who has pleaded guilty to failing to tell the authorities about a $6.1 million account he had with UBS.
 
Homman pleaded guilty in a New Jersey federal court to not disclosing the account on tax returns from 2001 to 2007 and to not filing the …read more

While only a small proportion of the U.S. population has actually been suspected of using Swiss bank accounts to avoid paying significant sums of tax to the government, the days may be numbered for this dubious practice. That is because the United States and prominent Swiss bank UBS AG have reached an agreement that will expose secret account holders and deter any future secret accounts. 
 
Although the details of the deal have not yet been made public, many experts believe that the deal will involve the Swiss bank disclosing the names of the illicit accountholders in a way that does not …read more