Swiss banks and other foreign banks around the world, including Credit Suisse, are expected to comply with the Internal Revenue Service and the Department of Justice, many of which have already turned over client data.
New York, NY (PRWEB) May 01, 2012
Credit Suisse is one of 13 banks currently under investigation by U.S. tax investigators, and as recently as two week ago, Switzerland authorized its banks to hand over the names of professional employees, external wealth mangers, lawyers and trustees who have allegedly helped U.S. taxpayers with undisclosed offshore accounts commit tax evasion. Now on April 27, 2012, http://www.swissinfo.com has reported that Chief Executive Brady Dougan stated that, “Credit Suisse has provided U.S. investigators with the information directly.” The release of this client data will most likely further contribute to establishing criminal cases against those U.S. taxpayers with undisclosed offshore accounts.
Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the United States and around the world with undisclosed offshore accounts in the 2012 IRS Voluntary Disclosure Program states, “Swiss banks and other foreign banks around the world, including Credit Suisse, are expected to comply with the Internal Revenue Service and the Department of Justice, many of which have already turned over client data.” Mr. Thorn continues, “U.S. taxpayers with undisclosed offshore accounts at Credit Suisse and other foreign banks could face criminal investigations.”
Further, the Internal Revenue Service and the Department of Justice are committed to bringing all U.S. taxpayers with undisclosed offshore accounts back into compliance. Mr. Thorn further emphasizes that with the current disclosure of Credit Suisse client data and with the increased cooperation of other foreign banks, the risk of the Internal Revenue Service discovering an undisclosed foreign bank account is now almost certain. Failure to properly disclose and enter into the 2012 IRS Voluntary Disclosure process increases exposure with every passing day. If taxpayers wait and the Internal Revenue Service or the Department of Justice contacts them first, it is impossible to receive clearance and enter into the IRS 2012 Voluntary Disclosure Program.
Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore accounts at foreign banks to “consult with a tax controversy attorney immediately in order to minimize their criminal exposure throughout these ongoing investigations and to take advantage of the new 2012 IRS Amnesty Program.”
For more 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
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