Marketwatch – The IRS last week reached an agreement with the Swiss government and UBS AG that will result in thousands of Americans who thought they had a secret Swiss bank account having their names and account details turned over to U.S. tax authorities.

Former UBS banker Bradley Birkenfeld was sentenced to 40 months incarceration on Friday after he pleaded guilty to defrauding the United States. Birkenfeld admitted to advising U.S. clients to place cash and valuables in Swiss safety deposit boxes, destroy off-shore banking records and file false U.S. income tax returns, among other frauds.

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account details, birkenfeld, frauds, income tax returns, irs, safety deposit boxes, swiss bank account, swiss government, tax-authorities, ubs, ubs-ag, valuables