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UBS clients trying to cut deal?

November 24, 2008

Americans with Swiss bank accounts at UBS are trying to work out a deal with the IRS, reports the Wall Street Journal. As UBS prepares to spill the beans on up to 250 Americans with swiss accounts, attorneys are trying to work out an "amnesty" deal:

Moved to take action after a former UBS private banker was indicted and spilled valuable secrets, the UBS clients are hiring tax lawyers and pursuing amnesty through an Internal Revenue Service voluntary disclosure program. The program allows U.S. citizens to avoid criminal prosecution if they acknowledge evasion and agree to pay taxes and penalties.

The clients' actions are a boon for the IRS, which lacks the staff to go after about 20,000 U.S. citizens who U.S. authorities say worked with UBS private bankers to avoid taxes.

Good thing, as Citibank needs the money.

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