America

UBS To Give IRS Details On More Than 4,000 Clients' Accounts

"A U.S. government official says Swiss banking giant UBS will give the IRS the details of more than 4,000 client accounts, under a deal to end a contentious international lawsuit," the Associated Press reports. It adds that "the agreement is scheduled to be formally announced later Wednesday morning."

Reuters writes that the agreement is "aimed at uncovering thousands of Americans who are
suspected of evading U.S. taxes."

According to The Wall Street Journal, the investigation "could produce in total 10,000 account identities, according to people familiar with the situation."

Update at 9:37 a.m. ET. The AP now adds that:

IRS Commissioner Doug Shulman says Swiss banking giant UBS will give his agency the details of 4,450 client accounts suspected of holding undeclared assets.

Shulman said in prepared remarks that the deal will give the IRS thousands of long-sought account names and is expected to provide even more UBS clients who voluntarily disclose their financial details to the agency. UBS has an estimated 52,000 accounts of U.S. customers.

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