Tax Amnesty Deadline Passes; UBS Sends Warning Letters to ClientsJacob Stein Esq.
October 16, 2009 — 1,360 views
As the October 15 deadline has come and gone, more and more of our clients have reported receiving letters from UBS.
These letters advise clients that after an initial investigation, UBS has determined that the client's account will likely be disclosed to the IRS.
This has, understandbly, sent a wave of panic through many clients. But it is too early to panic.
UBS was ordered a couple of weeks ago, by a Swiss court, to begin notifying clients as early as possible that their identity may be disclosed to the IRS.
UBS has not completed its analysis yet and does not yet know the identity of the accounts that will be disclosed. That is scheduled to happen by November 18. In the meantime, UBS has played it safe and is notifying all of their US clients that their account may be disclosed. Which is technically accurate.
Statistically, only 10% of all US accounts are expected to be disclosed.
For more information, please visit our website at www.maximumassetprotection.com.
Jacob Stein Esq.
Mr. Stein is a partner with the law firm Boldra, Klueger and Stein, LLP, in Los Angeles, California. The firm's practice is limited to asset protection, domestic and international tax planning, and structuring complex business transactions. The firm's goal is to provide the highest quality legal work that is usually associated with only the biggest law firms, in a boutique firm setting. Jacob received his law degree from the University of Southern California, and his Master's of Law in Taxation from Georgetown University. Mr. Stein has been accredited by the State Bar of California as a Certified Tax Law Specialist and is AV-rated (highest possible rating) by Martindale-Hubbell.