The IRS called and Americans answered. Over 14,700 U.S. taxpayers came clean to the IRS and disclosed their offshore bank accounts, which had hitherto remained secret.
Americans held bank accounts in more than 70 countries, and under the terms of the amnesty arrangement, will receive reduced penalties for the infraction. U.S. tax authorities also reached two settlements with UBS, in which the Swiss bank agreed to reveal the identities of some American clients who are suspected of tax evasion.
The Swiss Federal Tax Administration has begun reviewing client files and will continue through August 2010.
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