Comments on: Is UBS About to Name Names? http://www.taxgirl.com/is-ubs-about-to-name-names/ Paying taxes is painful... but reading about them shouldn't be. Fri, 10 Feb 2012 20:02:48 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Ron Cohen http://www.taxgirl.com/is-ubs-about-to-name-names/comment-page-1/#comment-11083 Ron Cohen Fri, 31 Jul 2009 15:53:40 +0000 http://www.taxgirl.com/?p=3704#comment-11083 It seems to me that the Voluntary Disclosure Program is failing at this point. If there are 52K accounts at UBS, let's say 1/4 have unreported offshore income. That's 13K accounts. Over 3 months, that's about 1,100 taxpayers per week. In the WSJ, they said about 400 disclosure cases had come in. And we know there are many, many more accounts in other banks besides UBS. Perhaps they will all pile in in mid-September...but my first reaction is that 400 disclosures at this point is way, way below a good trend. Further, the IRS appears to be swamped with just the 400 cases, per the WSJ. If thousands show up, it will be a complaince log-jam that will take them years to work through. Ron It seems to me that the Voluntary Disclosure Program is failing at this point.

If there are 52K accounts at UBS, let’s say 1/4 have unreported offshore income. That’s 13K accounts. Over 3 months, that’s about 1,100 taxpayers per week. In the WSJ, they said about 400 disclosure cases had come in. And we know there are many, many more accounts in other banks besides UBS.

Perhaps they will all pile in in mid-September…but my first reaction is that 400 disclosures at this point is way, way below a good trend.

Further, the IRS appears to be swamped with just the 400 cases, per the WSJ. If thousands show up, it will be a complaince log-jam that will take them years to work through.

Ron

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