The Department of Justice is very interested in U.S. client data so that the agency can further uncover evidence against larger banks and deter individuals and banking corporations from committing tax evasion.
(PRWEB) November 11, 2011
The Swiss Government is currently deep in negotiations, attempting to reach an agreement that will remedy the present tax evasion allegations against their banks, according to Reuters News. The Government is pushing for an agreement that does not require the turn-over of client names in order to preserve Switzerland’s long-standing tradition of bank-secrecy. The Department of Justice and Internal Revenue Service have made it clear that they will not entertain any agreements that do not involve the disclosure of U.S. Taxpayer names and taxpayer information concerning the Americans with undisclosed offshore accounts.
Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the U.S. and around the world with undisclosed offshore accounts states, “The Department of Justice is very interested in U.S. client data so that the agency can further uncover evidence against larger banks and deter individuals and banking corporations from committing tax evasion.” Mr. Thorn continues, “With the potential of other foreign banks to be charged, U.S. taxpayers with undisclosed offshore accounts should come forward now to avoid potential criminal exposure that could result from the disclosure of client data.”
It is very likely, that other European and Israeli banks will likely be civilly and/or criminally charged by the DOJ in the near future. The 11 banks believed to be under investigation, aside from Swiss banking giant, Credit Suisse, include: HSBC Holdings Plc, Basler Kantonalbank, Wegelin & Co., Zuercher Kantonalbank, Julius Baer Group Ltd., Bank Leumi Le-Israel BM, Bank Hapoalim BM, Mizrahi-Tefahot Bank Ltd., Liechtensteinische Landesbank AG, and NZB AG. It is believed that these banks will either propose a settlement to U.S. agencies or the U.S. will serve the banks with a John Doe Summons.
Mr. Thorn encourages U.S. taxpayers with undisclosed offshore accounts held with Swiss, other European and Israeli banks to come forward through the IRS’s traditional Voluntary Disclosure Program before the banks turn-over information concerning their undisclosed offshore accounts.
For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 201-842-7696 or visit us at http://www.newjersey-tax-lawyer.com.
About Thorn Law Group, PLLC: Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.
Kevin E. Thorn,
Managing Partner Thorn Law Group, PLLC