In an effort to spur disclosures, the government is increasing pressure on foreign banks to turn-over U.S. client data.
Washington, DC (PRWEB) July 30, 2012
The Internal Revenue Service (IRS) recently issued new guidance that could impact the penalties assessed on dual citizens as well as U.S. persons living abroad. The 2012 Offshore Voluntary Disclosure Program creates a special opportunity for U.S. taxpayers at risk of criminal investigation to obtain amnesty from criminal prosecution and to minimize their civil penalties.
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, “The U.S. government has been committed to bringing all U.S. taxpayers into compliance. In an effort to spur disclosures, the government is increasing pressure on foreign banks to turn-over U.S. client data.” Mr. Thorn continues, “With the latest wave of foreign bank investigations, the new guidance, which creates a special niche for dual citizens and U.S. persons living abroad, presents a great opportunity for taxpayers to ensure set civil penalties and to reduce criminal exposure.”
Undisclosed account holders should come forward through the IRS’s 2012 Offshore Voluntary Disclosure Initiative before the government brings either civil audits or criminal charges against them which can result in significant financial penalties and the possibility of incarceration. Immediate action and experienced tax law representation is needed to voluntarily disclose your foreign financial accounts in order to avoid criminal prosecution.
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
Thorn Law Group, PLLC