TaxPersonal TaxUS expats panic over offshore accounts exposure

US expats panic over offshore accounts exposure

UBS deal to reveal bank details sends US expats flooding to tax advisers

Tax advisers have been inundated with calls from US expats worried about
their Government’s crackdown on tax evaders with offshore accounts.

Firms have observed a surge in inquiries, up to tenfold, since news broke
that the US Government would receive the names of 4,450 wealthy Americans with
accounts from Swiss bank UBS, the
Financial
Times
reports.

If account holders come forward voluntarily they can possibly cap their
penalty to six years of unpaid tax.

Darlene Hart, chief executive of US Tax & Financial Services, said her
phone has been ringing “off the hook”.

“There is a tremendous amount of interest,” she said.

Read the full story:
US
expats rush for advice on offshore tax rules

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