NYT: IRS deal may let off Swiss account-holders - Spear's Magazine

NYT: IRS deal may let off Swiss account-holders

When the Internal Revenue Service announced a deal last month that would force Switzerland to reveal the names of thousands of Americans suspected of offshore tax evasion, the agency called it a major step forward. But tax lawyers and former government officials have begun to question whether the deal might allow some large tax cheats to remain in hiding.

When the Internal Revenue Service announced a deal last month that would force Switzerland to reveal the names of thousands of Americans suspected of offshore tax evasion, the agency called it a major step forward. But tax lawyers and former government officials have begun to question whether the deal might allow some large tax cheats to remain in hiding.

“It’s possible that some large account holders will not have their names disclosed,” said Barbara T. Kaplan, a tax lawyer at Greenberg Traurig in New York.

Under the accord, the Swiss banking giant UBS agreed to turn over information on 4,450 American clients suspected of using Swiss accounts to evade taxes.

Asked if some account holders might avoid detection, H. David Rosenbloom, a partner at Caplin & Drysdale in Washington, said, “How can that result not occur?”

To read the full story, visit nytimes.com



 

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