New York, NY (PRWEB) October 23, 2012
Prominent banks in both Israel and France have been advising their U.S. clients to properly disclose their unreported offshore accounts, according to the Wall Street Journal. Continuing global pressure from the U.S., and other first world countries, has forced many banks, including Bank Leumi and Mizrahi-Tefahot Bank in Switzerland, and BNP Paribus and Societe Generale in France to put into place compliance measures for proper reporting of offshore accounts. Foreign Banks that do not encourage their U.S. clients to abide by U.S. reporting requirements may face penalties from the Internal Revenue Service (IRS) and/or the U.S. Department of Justice (DOJ).
Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the country and around the world with undisclosed offshore accounts, and has many clients currently participating in the 2009, 2011 and now the 2012 IRS Amnesty Programs, states, “The IRS’s top priority is to bring U.S. taxpayers with undisclosed offshore accounts into compliance. If a U.S. taxpayer receives a letter from a foreign bank advising that taxpayer that either their account is being closed or that they should enter the IRS’s Amnesty Program, it is possible his or her information may be turned over to the IRS.” Mr. Thorn continues, “U.S. taxpayers with accounts held in banks in either Israel or France may be at an increased risk of criminal investigation for failing to disclose their foreign assets and should enter the IRS’s 2012 Offshore Voluntary Disclosure Program to protect themselves from severe civil and criminal exposure.”
Undisclosed offshore account holders should come forward now through the IRS’s 2012 Offshore Voluntary Disclosure Initiative before the government brings either civil audits or criminal charges against them that can result in significant financial penalties and the possibility of incarceration.
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 resolves complicated tax problems.
Kevin E. Thorn
Thorn Law Group, PLLC