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IRS Cracks Down on Tax Evasion

Harry Abrahamsen, a businessman from New Jersey and former UBS AG client, pleaded guilty to tax evasion in Newark, N.J., federal court for failing to pay taxes on more than $700,000 held in overseas accounts.

Abrahamsen is the third UBS client to be charged with tax evasion this year. He admitted he didn't file the necessary Reports of Foreign Bank or Financial Accounts (FBARs) for his two accounts from 1999 to 2007. He also admitted that he didn't declare the UBS accounts on his tax returns from 1999 to 2006, and he didn't declare that he earned the income in the accounts.

In 2009 UBS paid $780 million in a settlement with the Justice Department and released names of U.S. account holders to avoid U.S. prosecution. UBS also admitted to helping Americans hide money from the U.S. Internal Revenue Service (IRS), a point that Abrahamsen also revealed in court.

As part of his agreement Abrahamsen has to pay back taxes, interest, a 50 percent FBAR penalty on the highest account balance and could face up to five years in prison when sentenced July 27.

The case is USA v. Harry Abrahamsen.

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Krystal Wilson

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