UBS Indictments: Who Did Not Come Forward To Disclose?

If You Did Not Come Forward To Disclose Yet, You May Still Have Time Before the IRS issues UBS Indictments. So, out of the 4,450 names the UBS handed over to the IRS, how many of those folk came forward?


The answer from my sources on the inside — not as many as you think. "A substantial amount of account holders have not come forward," is what was told to me. The reason?


My guess: At the time of the Voluntary Disclosure deadline, October 15, 2009, it was unclear whether or not Switzerland would allow UBS to break their long-standing secrecy laws. I think a lot of folks with accounts just gambled wrong.


I, along with the attorneys at my firm reasoned that if the IRS did not get the names, UBS would be shut of of the US market. If UBS was shut out of the US market, UBS shuts down. Therefore, somehow, some way, because everything is on the line, the IRS would get those names. Thus we advised our clients to come forward. Looks like we guessed correctly.


Now, here comes the advice: For anyone who has not disclosed, it is probably not too late to help yourself avoid criminal charges. As long as the IRS has not started a criminal investigation against you, the Offshore Voluntary Disclosure initiative may still be on the table.


Otherwise, if you are one of the 4,450 who have not disclosed, there is a good chance a criminal indictment is coming your way.


If you are unsure if you should get into a program, or which program would be best for you, contact us. Call us at 888-727-8796 or email info@irsmedic.com.


Find out more information on Offshore Voluntary Disclosure Programs by visiting our main OVDP page or by reading articles from our OVDP blog category.