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Date Posted: 13:33:06 08/18/09 Tue
Author: Bob
Subject: Some tax cheats are goingt be nailed by the IRS soon

Why can some citizens stash millions in Swiss banks and avoid paying taxes, a scam that's going to end for at least 5,00 soon,according to an article in the Friday edition of the Wall Street Journal: "The IRS is staging a massive poker game. It has invited 52,000 UBS AG account holders to the table. Now that the U.S. and Swiss governments have resolved a long-standing dispute about disclosing the identities of secret Swiss bank accounts, the holders face an acute dilemma: Do they confess their tax evasion sins and possibly give up a large portion of their offshore accounts? Or do they stay quiet, hoping to avoid detection, but risk far greater penalties or even criminal prosecution if exposed to authorities?" The Swiss government is turning over 5,000 names of the 52,000 accounts that the IRS believes are used to avoid U.S. taxes, so tax cheats have 1 in 10 chance of being nailed by the IRS.

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