AccountingWEB Life news December 2008

AccountingWEB Life

Liechtenstein agrees to share information with IRS

On Monday, December 8, the Internal Revenue Service signed an agreement with the government of Liechtenstein whereby Liechtenstein will exchange information pursuant to IRS audits. At the same time, the current legal challenges against UBS, HSBC, and Credit Suisse for aiding tax fraud have placed U.S. owners of undisclosed "secret" foreign bank accounts at serious risk of IRS prosecution. This is especially true for U.S. owners of Swiss accounts.

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