The IRS and the DOJ are committed to bringing all U.S. taxpayers with undisclosed offshore accounts back into compliance.
New York, NY (PRWEB) May 21, 2012
International tax enforcement has progressed in the past decade, which can be attributed to new tax treaties, tax information exchange agreements, and unilateral enforcement efforts. Internal Revenue Service Attorney, John McDougal, recently announced at an American Bar Association Tax Section meeting on May 12, 2012, that the Internal Revenue Service (IRS) and the Department of Justice (DOJ) are still waiting on the Senate to approve the ratification of the treaty that was signed with Switzerland. McDougal reiterates that, "The ball is in our court to get the treaty through the Senate.” As a result of these large strides and the invaluable information that all three Voluntary Disclosure Programs have facilitated, McDougal feels safe to say that the IRS 2012 Amnesty Program continues to bring U.S. taxpayers with undisclosed offshore accounts into compliance because it lessens the chance of severe civil and criminal penalties.
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, “The IRS and the DOJ are committed to bringing all U.S. taxpayers with undisclosed offshore accounts back into compliance.” Mr. Thorn continues, “If the Senate successfully passes the Swiss Tax Treaty, U.S. taxpayers with undisclosed offshore accounts held with any Swiss bank will face a high risk of criminal exposure. Now is the time for U.S. taxpayers with Swiss bank accounts to come forward through the IRS 2012 Amnesty Program.”
Thorn encourages all U.S. taxpayers with undisclosed offshore accounts to “consult with a tax litigation professional immediately in order to minimize their 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/.
Contact: Kevin E. Thorn
Managing Partner Thorn Law Group, PLLC