US District Court Authorized IRS Summons on Swiss Banks

US District Court Authorized IRS Summons on Swiss Banks

The US Federal District Court for the Southern District of New York has issued an order authorizing the US Internal Revenue Service (IRS) to forward a “John Doe” summons on UBS AG for the purpose of obtaining information on US taxpayers who may hold accounts at Wegelin & Co and other Swiss banks to evade US taxes.

The “John Doe” summons are aimed on obtaining information about possible tax fraud by persons whose identities are unknown.

According to the press release issued by the US Department of Justice, Wegelin and two other Swiss banks used Wegelin’s US correspondent account at UBS to launder US taxpayers’ funds from their undeclared accounts in Switzerland. The tax authority summons seeks records of the correspondent account at UBS to identify the US taxpayers who hold or held accounts at Wegelin or other Swiss banks.

Let us recall that on January 03, 2013, Wegelin entered a guilty plea before a US District Court for assisting US taxpayers and others to hide more than USD 1.2 billion in secret Swiss accounts and to evade US taxes.

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