IRS Drops Tax Case Against UBS and Swiss Government

Internal Revenue Service officials are withdrawing their summons in the UBS and Swiss government tax cheaters case, saying they feel confident they've received a full accounting of the information they sought from the Swiss bank. The move was largely expected, after the IRS announced in August it had reached a settlement with the Swiss government and UBS (UBS).

Since that settlement, the IRS received a total of 18,000 voluntary disclosures from tax evaders, who were previously hiding out under Swiss banking laws that shielded their account information from the prying eyes of Uncle Sam. In those cases, the average amount collected weighed in at more than $200,000 per case, including back taxes, interest and penalties, the IRS says.

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The IRS said its Swiss banking and UBS case was a part of its larger effort to address tax evaders on an international scope. The agency has renamed its large corporate unit the Large Business and International Division.

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