UBS closing U.S. clients' offshore accounts

I hope your money isn't in a Swiss bank account, soon the IRS will be all over you. Tell me what you do with the check you get from UBS? Do you deposit it and in essence tell the government you had money offshore and did not pay taxes? Quite an interesting situation.-Lou

UBS closing U.S. clients' offshore accounts -NYT

ZURICH, Jan 9 (Reuters) - Under pressure from the U.S. tax authorities, Swiss wealth management giant UBS is closing all the offshore accounts of its rich U.S. clients, the New York Times said on Friday.

UBS, which the U.S. authorities says helped wealthy Americans hide cash in offshore bank accounts, will shut about 19,000 offshore accounts, the paper said, quoting unnamed U.S. clients.

The Swiss bank, one of the hardest-hit in the credit crisis, decided in July last year to stop offering offshore accounts to U.S. citizens after it was targeted by the U.S. tax investigation which challenges Switzerland's famous banking secrecy laws.

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http://www.reuters.com/article/governmentFilingsNews/idUSL952266420090109