The Washington Post reports that the the criteria the United States and Swiss governments used to determine which American UBS customers names were disclosed to the IRS has been made public:
If you had less than $248,200 (250,000 Swiss francs) in your secret account at Switzerland’s largest bank, or if it generated less than $99,280 (100,000 Swiss francs) in annual revenue, you can breathe easier.
A landmark deal that the U.S. and Swiss governments struck in August to expose American tax dodgers does not call for the Swiss to blow your cover.
On the other hand, if you had more than $992,802 (1 million Swiss francs) in your account at any time from 2001 through 2008 and you failed to disclose it to the Internal Revenue Service, don’t count on Switzerland’s legendary tradition of bank secrecy to protect you any longer. It may be just a matter of time before your account details are in the hands of U.S. tax collectors and federal prosecutors.
Related Posts:
- Offshore Tax Fraud: IRS Creates New Division
- U.S. Senators: UBS is Just the Beginning
- UBS Settlement: The DOJ Press Release
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