New wrinkle in UBS tax-scam probe

Recall that UBS has admitted it failed to properly withhold taxes on 17,000 accounts held by Americans. But that may be a low-ball figure, according to the New York Times. Investigators are looking into how the bank handled taxes for 35,000 American accounts. "If UBS failed to collect taxes on all 35,000 accounts, the bank could owe the Treasury Department as much as $800 million in taxes, interest, fines and penalties."

This is another stunning development in the saga. People are also looking into separate charges of actual tax evasion. Lots of American clients are really nervous. Many are turning themselves in, as the government pressures the Swiss bank to disclose the names of 52,000 Americans.  

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