IRS Takes Records On U.S. Citizen’s Account in Singapore

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UBS Group AG, the largest Swiss bank, has put an end to their legal fight with the Internal Revenue Service. The bank has agreed to hand over the Foreign Bank Account Report for Ching-Ye Hsiaw, a U.S. citizen living in China.

After the IRS filed a petition, a federal judge in Miami demanded UBS to hand over the records of Hsiaw’s account from 2001 to 2011. The IRS needed the records in order to resolve Hsiaw’s income tax liabilities from 2006 to 2011.

According to Bloomberg, the bank finally handed over records on May 31 and June 10.

“The Department of Justice and the IRS are committed to making sure that offshore tax evasion is detected and dealt with appropriately,” Acting Assistant Attorney General Caroline D. Ciraolo of the Justice Department’s Tax Division said. “One critical component of that effort is making sure that the IRS has all of the information it needs to audit taxpayers with offshore assets.”

Switzerland has been audited largely since 2008. According to Bloomberg, over 80 Swiss banks have agreed to pay a total of near $5 billion in penalties and fines.

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