Tax Reform in This Election Year: It's Not Likely
Which Credit Card Rewards Does the IRS Care About?Late last night, Swiss banking giant UBS (NYSE: UBS) and the U.S. Department of Justice asked a federal judge to delay the trial on U.S. tax issues until August 3. The trial was set to start later today, and the delay sparked hopes for a possible settlement between the U.S. government and the bank.
The U.S. wants UBS to reveal the identities of 52,000 rich Americans suspected of using secret bank accounts as a tax dodge. Such a move would be a violation of Switzerland's bank secrecy laws, the Swiss government and UBS say. According to Reuters, the two sides are hoping to find a way to allow the U.S. government to receive client data without violating Swiss law.
The U.S. wants UBS to reveal the identities of 52,000 rich Americans suspected of using secret bank accounts as a tax dodge. Such a move would be a violation of Switzerland's bank secrecy laws, the Swiss government and UBS say. According to Reuters, the two sides are hoping to find a way to allow the U.S. government to receive client data without violating Swiss law.
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