Amnesty Passes; UBS Sends Letters to Clients
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.