IRS can seek UBS records for taxpayers hiding income at Wegelin

Jan 29 2013, 09:15 IST
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IRS can seek UBS records for taxpayers hiding income at Wegelin. (Reuters) IRS can seek UBS records for taxpayers hiding income at Wegelin. (Reuters)
SummaryIRS summons to be served on UBS seeks the names of taxpayers who hold accounts with Wegelin.

A federal judge has authorized the Internal Revenue Service to seek records from UBS AG of US taxpayers suspected of hiding their income in bank accounts with Swiss bank Wegelin.

Wegelin, the oldest Swiss private bank, pleaded guilty in Manhattan federal court on Jan. 3 to charges of helping wealthy Americans evade taxes through secret accounts and then announced it would close down.

The IRS summons to be served on UBS seeks the names of taxpayers who hold accounts with Wegelin, which used UBS for correspondent banking services to handle funds for US-based clients, a standard industry practice.

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