Time is running out for U.S. taxpayers with undisclosed offshore accounts to come forward.
Washington, DC (PRWEB) May 30, 2012
The American Bar Association Tax Section meeting was held on May 12, 2012, during which Internal Revenue Service (IRS) Special Trial Attorney, John McDougal, the IRS attorney in charge 2012 Offshore Account Initiative, reiterated the IRS’s views regarding the progress of the Initiative. Mr. McDougal announced that the IRS and the Department of Justice (DOJ) are currently awaiting the Senate’s approval and ratification of the newly prompted tax treaty signed between the United States and Switzerland. Mr. McDougal further stated that all three Voluntary Disclosure Programs have been very successful and that taxpayers with undisclosed accounts should continue to take advantage of the program to receive reduced civil penalties and to avoid criminal prosecution.
Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers with undisclosed offshore accounts in the 2009, 2011 and the new 2012 IRS Amnesty Initiative states, “Time is running out for U.S. taxpayers with undisclosed offshore accounts to come forward.” Mr. Thorn continues, “U.S. taxpayers with undisclosed accounts face a high risk of criminal exposure once an agreement between the United States and Swiss government is made official.”
Mr. Thorn emphasizes that the risk of the IRS discovering a taxpayer’s undisclosed offshore accounts with these recent developments is increasing. The consequences for failure to comply with the proper disclosure requirements and filing requirements may lead to audits, severe financial penalties, and in some cases, criminal prosecution. The U.S. government is committed to bringing all U.S. taxpayers with undisclosed offshore accounts into compliance.
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