The Permanent Subcommittee on Investigations of the Senate Committee on Homeland Security and Governmental Affairs holds a hearing today on Tax Haven Banks and U. S. Tax Compliance — Obtaining the Names of U.S. Clients with Swiss Accounts.  From the hearing announcement:

This hearing will continue the Subcommittee’s examination of financial institutions which are located in offshore tax havens and which use practices that facilitate tax evasion and other misconduct by U.S. clients. One of the banks featured in a July 2008 hearing on this topic is UBS, a major financial institution headquartered in Switzerland. The hearing will examine issues related to a John Doe summons served by the IRS on UBS seeking the names of U.S. clients with UBS Swiss accounts that have not been disclosed to the IRS. In July, UBS representatives estimated that about 19,000 U.S. clients had about $18 billion in assets in such Swiss accounts. The hearing will examine a recent deferred prosecution agreement involving UBS, the status of the John Doe summons, the role of U.S.-Swiss tax and legal assistance treaties, and the effect of Swiss secrecy laws on U.S. information requests.

Here are the witnesses scheduled to testify:

• Panel #1:  Douglas H. Shulman (Commissioner, IRS), accompanied by:
  • Barry Shott (Deputy Commissioner, International, Large & Mid-Size Business Division, IRS)
  • John DiCicco (Acting Assistant Attorney General, Tax Division, U.S. Department of Justice)
• Panel #2:  Mark Branson (Chief Financial Officer, UBS Global Wealth Management & Swiss Bank) 
• Exhibits
• Webcast

For a critical perspective on the hearing, see Center for Freedom and Prosperity, Kangaroo-Court Hearing Demonizes Tax Havens, Overlooks Pro-Growth Changes that Would Protect Human Rights and Reduce Tax Evasion.  Press and blogosphere commentary

• Associated Press
• Bloomberg
• Law.com
• New York Times
• Reuters
• USA Today
• Wall Street Journal
• Washington Times