IRS can serve a summons on UBS regarding another bank's clients

01/29/2013 | Bloomberg

The Internal Revenue Service has received permission from a judge to serve a summons on Swiss bank UBS as the IRS seeks information on clients of Wegelin & Co., which recently admitted to helping customers conceal their assets. "Wegelin used the UBS correspondent account to provide offshore banking services to dozens of U.S. taxpayers, who the IRS believes may have failed to report the existence of their Swiss bank accounts to the IRS and the Department of Treasury," according to a filing written by Assistant U.S. Attorney Natalie Kuehler.

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