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09-01-2009, 11:46 PM #1
UBS Client to Admit Failure to Report Swiss Account to IRS
UBS Client to Admit Failure to Report Swiss Account to IRS
By David Voreacos and Carlyn Kolker
Bloomberg.com
Aug. 15 (Bloomberg) -- A California client of UBS AG agreed to plead guilty to a charge of failing to file a tax report for an offshore bank account holding more than $1 million.
John McCarthy opened a Swiss account in 2003 in the name of COGS Enterprises Ltd., a Hong Kong entity, and failed to file a Foreign Bank and Financial Accounts report, or FBAR, according to a charge filed yesterday in federal court in Los Angeles. McCarthy signed a plea agreement and will make an initial appearance Sept. 14, prosecutors said.
Three other UBS clients have pleaded guilty since the bank gave 250 customer names to the Internal Revenue Service under a Feb. 18 agreement to avoid prosecution for helping Americans evade taxes. UBS, the largest Swiss bank by assets, has settled a U.S. lawsuit seeking the names of Americans suspected of evading taxes through 52,000 secret Swiss accounts.
“The case against Mr. McCarthy is the latest victory in the Justice Department’s crackdown on offshore tax evasion,â€
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