Those who have not yet done so are urged to consider the benefits of the Voluntary Disclosure program and come into compliance before the Swiss banks turn over client information.
Washington, DC (PRWEB) January 02, 2012
After much negotiation and a request from the Internal Revenue Service (IRS) to require Swiss banks to turn-over U.S. client data, U.S. taxpayers continue to take advantage of the IRS’s traditional Voluntary Disclosure Program in order to avoid potential criminal exposure. The Swiss’s disclosure of U.S. client information will likely strengthen the momentum of the IRS’s investigations, leaving those U.S. taxpayers with undisclosed Swiss accounts a final opportunity to come forward through the Voluntary Disclosure Program before the Government initiates a criminal investigation.
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, “With the disclosure of such information, U.S. taxpayers with undisclosed offshore accounts have been coming forward to avoid severe civil penalties and prevent potential criminal exposure.” Mr. Thorn continues, “Those who have not yet done so are urged to consider the benefits of the Voluntary Disclosure program and come into compliance before the Swiss banks turn over client information.”
Swiss banks are not the only European bank being investigated by the U.S. government and this may be a continuation of the U.S. and its agencies to force banks around the world to cooperate and provide U.S. taxpayer information. Other banks believed to be under investigation, aside from the 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.
Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore accounts 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 202-270-7273 or visit us at http://www.thorntaxlaw.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