Tag: UBS-U.S. TAX DEAL

Both house of the Swiss parliament have finally approved a tax treaty with the United States. The change in Swiss law means that Switzerland’s biggest bank, United Bank of Switzerland (UBS) will hand over to the United States Department of Justice the details of nearly 4,500 of their U.S. clients....

United States citizens who have an interest in, or signature or other authority over, a financial account in a foreign country with assets in excess of $10,000 are required to disclose the existence of such account on Schedule B, Part III of their individual income tax return. Additionally, U.S. citizens...