DOJ to UBS: We Weren't Kidding About You Naming Names

We've been covering the DOJ/UBS back and forth and in today's Financial Times, the DOJ did not leave any room for interpretation.

A court document quotes the DOJ, "UBS must disclose the identity of every US taxpayer with an undisclosed UBS account so that every US customer with an undisclosed account will get right with their government."

Even though the Toblerones bribe didn't work, UBS is not backing down:

UBS has defended itself against the summons, arguing that acquiescence would involve breaking Swiss law and such issues are best negotiated by governments, rather than legal actions against companies. The bank’s position has been upheld by the Swiss government and important trade federations.

It's on then bitches! They go to trial on July 13th. Bring the chocolate UBS, we're going to need the caffeine.

US steps up legal fight on UBS clients [FT.com] Sphere: Related Content

The Gods are Smiling on Foreign Bank Account Holders Today

In kinder gentler IRS news, the agency announced that today's deadline for filing the Report of Foreign Bank and Financial Accounts (FBAR) has been extended for those taxpayers that can explain why they need more time to hide report income from offshore accounts.

Apparently taxpayers have been crazy confused about whether the foreign reporting requirements apply to them because they've got so much money, in so many countries that they just don't really give a damn.

Taxpayers filing for the extension have until September 23 because that's obviously a logical date.

IRS extends offshore reporting deadline [Accountancy Age] Sphere: Related Content