Irs, Offshore Tax Haven | featured news

The Internal Revenue Service on Tuesday disclosed the criteria being used by the Swiss banking giant UBS to select names of American clients that will be turned over to the agency as part of a settlement of a tax evasion case.

Under an amnesty program, the IRS is allowing taxpayers to avoid prosecution for failing to report those accounts. Tax attorneys have been besieged by wealthy clients who are lining up to apply.

Wealthy U.S.

Negotiators initial settlement that averts legal showdown over U.S. government's landmark challenge to Swiss bank secrecy, lawyer says.

U.S. has been seeking data on depositors suspected of using UBS bank accounts to hide cash from IRS.

The chairman of the U.S. Senate Finance Committee plans to introduce legislation to give U.S. tax collectors more tools to police offshore tax evasion, an aide to the senator said on Wednesday.