WASHINGTON – Swiss banking giant UBS AG agreed Wednesday to turn over to the IRS the details of 4,450 accounts suspected of holding undeclared assets by American customers, ending an intense trans-Atlantic legal fight.
IRS Commissioner Doug Shulman said the accounts held $18 billion in assets at one time. Many have since been closed, he said.
The deal will give the Internal Revenue Service thousands of long-sought account names, and is expected to provide even more UBS clients who voluntarily disclose their financial details to the agency, Shulman said.
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