The U.S. and Swiss governments have reportedly reached an agreement on the secret bank accounts of U.S. citizens that the IRS has been seeking from UBS.
UBS and Switzerlands Federal Department of Justice and Police announced the agreement in principle on Friday, but did not provide details, pending a conference among the parties that has been scheduled for August 7. However, according to reports in Swiss newspapers, UBS would provide information on only 5,000 of its clients. The IRS had been seeking information on 52,000 U.S.-based clients of UBS by issuing John Doe summonses.
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