Americans May Have "Mere Hours" to Disclose UBS Accounts to IRS
Here's a follow up to my blog post Swiss Parliament Backs UBS Pact - Finally.
According to Bloomberg , U.S. citizens and residents with UBS accounts are racing the clock to disclose their secret holdings to the IRS after the Swiss Parliament ratified an agreement to surrender the names of 4,450 bank clients.
Lawyers said Americans who ignored an IRS offer last year to reduce penalties in exchange for voluntary disclosures are now flooding their offices with calls seeking advice on how to avoid possible sanctions, which could include prison sentences.
