Sep. 5--Suspected tax dodgers with Swiss banks accounts are running to their tax advisers following a deal between the U.S. and Switzerland to reveal names on accounts.

According to an Associated Press report, U.S. and Swiss governments announced a court settlement recently in efforts by the IRS to force Zurich-based UBS AG to turn over the names of some 52,000 Americans believed to be hiding nearly $15 billion in assets in secret accounts.

The report has generated a lot of reaction nationwide -- from the local financial community as well.

"Yes, the government is right in going after the tax cheats. In fact, they are years late," said Don Linton, a principal of Linton, Shafer, Warfield & Garrett certified public accountants and business consultants.

Linton said foreign governments have been dragging their feet on the measure.

"They want the cash in their country where they can get a fee on the deposits and not do any work for it," Linton said. "The Cayman Islands have free education, including college and medical care due to the large number of banks located there that foreigners send their money to keep it quiet."

It's difficult getting the other countries to cooperate, Linton said.

"The IRS asks the question on tax returns, 'Do you have a foreign bank account?' but if you don't answer yes, how do they find out unless the country cooperates with us?" he said. "The big boys always find a way to avoid taxes. They have the best lawyers and accountants in the world working for them."

William J. Whitten owns Whitten Tax & Financial Services in Frederick .

"My reaction when I read of the settlement was, 'Finally!'" Whitten said. "But since the settlement applies only to UBS AG, others may be able to still avoid taxes unless the Swiss government changes its secrecy policy."

Apparently, about 4,500 accounts to be released out of 52,000 will assist the IRS in its collection efforts, Whitten said. But like most issues dealing with taxes and particularly with foreign governments, they are not easily resolved, he said.

"The secrecy of Swiss banking has been profitable for the country and the banking industry as well as for many U.S. citizens and residents," Whitten said. "The Swiss are very conservative on taxes for their own citizens as well as for foreign governments, so this was really a precedent."

With the settlement it's likely accounts will be moved to other countries that offer protection for account holders, although the list of those countries is getting smaller, Whitten said.