Swiss Ready to Turn Over Undisclosed Offshore Account Information to U.S. Government: IRS 2012 Amnesty Program is Available for Taxpayers, Thorn Comments

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Switzerland’s President announces that the Swiss Government intends to sign a deal with U.S. officials in order to put an end to the tax evasion investigations against its banks. Kevin E. Thorn, Managing Partner of the Thorn Law Group, encourages U.S. taxpayers with undisclosed offshore accounts to come into compliance in light of new developments between U.S. authorities and Switzerland.

The Swiss government will most likely sign a deal with the U.S. in the very near future, which in turn means that Swiss banks will likely hand over undisclosed offshore account client data to U.S. authorities within the coming months.

On Wednesday, March 28, 2012, Switzerland’s President Eveline Widmer-Schlumpf announced that her country was ready to sign a deal with the United Stated and put an end to the tax evasion controversy. According to the New York Times, Schlumpf said, “We’ve made a lot of constructive proposals. We could sign it tomorrow if the United States wants to do it.” In anticipation of the U.S. and Switzerland concluding a deal, an increasing number of U.S. taxpayers have been entering the IRS’s 2012 Voluntary Disclosure Program in order to avoid potential criminal investigations.

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 in the 2009, 2011 and now 2012 IRS Amnesty Program states, “Switzerland’s eagerness to comply with U.S. authorities has increased interest among U.S. taxpayers with undisclosed offshore accounts to come into compliance through the IRS’s 2012 Voluntary Disclosure Program.” Mr. Thorn continues, “This is a big step. The Swiss government will most likely sign a deal with the U.S. in the very near future, which in turn means that Swiss banks will likely hand over undisclosed offshore account client data to U.S. authorities within the coming months.”

The U.S. government is committed to bringing all U.S. taxpayers with undisclosed offshore accounts into compliance. Mr. Thorn emphasizes that the risk of the IRS discovering a U.S. client’s undisclosed offshore accounts held by a Swiss bank increases with every passing day. The consequences for U.S. taxpayers to comply with the proper disclosure requirements may lead to audits, severe financial penalties, and in some cases, criminal investigations.

Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore accounts maintained through a Swiss bank to “consult with a tax controversy attorney immediately in order to assess and minimize their civil and criminal exposure throughout these ongoing investigations and to take advantage of the new 2012 IRS Amnesty Program.”

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.

Contact:
Kevin E. Thorn
Managing Partner Thorn Law Group, PLLC
201-842-7696    
http://www.newjersey-tax-lawyer.com/

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