U.S., UBS in Talks to Settle Case on 52,000 Accounts

UBS AG is in talks with the U.S. government to settle a lawsuit involving U.S. account holders believed to be using Swiss secrecy laws to evade U.S. taxes. A new definition of tax fraud may be needed. According to the article, “Swiss law recognizes tax fraud and not tax evasion as a crime. Any settlement would probably require a revision to the current tax treaty between the U.S. and Switzerland, said Lawrence Horn, a tax attorney at Sills Cummis & Gross in Newark, New Jersey.” “Someone is going to have to come up with a new definition of tax fraud to be more expansive to allow the Swiss government to save face,” Horn said. To read the entire article, please click on the following link.