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For many Americans who secreted away wealth in foreign banks, the best option in the end was to throw themselves on the mercy of the Internal Revenue Service. The deadline for a tax amnesty program to avoid criminal prosecution is Thursday. The change in U.S. policy and the prosecution of a handful of UBS account holders has convinced many tax litigators that the days of squirreling away wealth in secret overseas accounts, corporations, foundations and other vehicles is over, at least for Americans.
October 13, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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