The I.R.S. said it had received details on 2,000 clients' names from UBS

The Internal Revenue Service said Thursday that it would drop a closely watched civil lawsuit against the Swiss bank giant UBS after the Swiss government said it was on course to hand over details on thousands of American clients suspected of using their accounts to evade taxes.
The I.R.S. said it had received details on 2,000 clients so far and expected to receive information on the remaining 2,450 this fall, Lynnley Browning reports in The New York Times.
While that is past the Tuesday deadline set in an August 2009 deal between Switzerland and the I.R.S. for the 4,450 names, the agency said it was confident of the country’s intentions to comply with the agreement announced by Swiss officials on Thursday.
The statement by the I.R.S. puts to rest a serious headache for UBS, the world’s largest private bank, and for Switzerland over offshore private banking services that enabled wealthy Americans to evade taxes.
The I.R.S. had threatened to revive its legal challenge to UBS through a broad request for client names known as a John Doe summons that would have sought up to 52,000 client names.
“Based on information received to date and assurances by the Swiss government, we anticipate being in a position to withdraw the John Doe summons this fall,” the I.R.S. said in a statement.



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