U.S. taxpayers with undisclosed offshore accounts held at Swiss banks risk facing severe civil penalties and even possible criminal investigations.
Washington, DC (PRWEB) September 10, 2012
Media outlets have reported that Swiss banks have begun to disclose U.S. taxpayer information to U.S. government officials. Therefore, U.S. clients who maintain undisclosed offshore bank accounts at Swiss banks have or will potentially have their information turned over to U.S. authorities. According to Bloomberg news, Credit Suisse, Julius Baer, and Zuercher Kantonalbank, have already supplied information pertaining to bank employees and U.S. clients to the U.S. Department of Justice (DOJ). The data contains as many as 10,000 names of U.S. persons with undisclosed offshore accounts and it is reported that more banks will be turning over information in the near future.
Kevin E. Thorn, Managing Partner of Thorn Law Group, with an office in downtown Washington, DC, a law firm that represents many taxpayers throughout the country and around the world with undisclosed offshore accounts currently participating in the 2009, 2011 and now 2012 IRS Amnesty Programs, states, “U.S. taxpayers with undisclosed offshore accounts held at Swiss banks risk facing severe civil penalties and even possible criminal investigations.” Mr. Thorn continues, “Criminal investigations initiated by the DOJ regarding U.S. citizens with undisclosed offshore accounts can result in significantly greater financial penalties and the possibility of prosecution. U.S. persons at risk of criminal investigation should enter the IRS’s 2012 Offshore Voluntary Disclosure Program to protect themselves from criminal exposure.”
Specifically, U.S. citizens with undisclosed offshore accounts should come forward and enter the IRS’s 2012 Offshore Voluntary Disclosure Initiative before the government brings either civil audits or criminal charges against them.
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 problems.
Kevin E. Thorn
Managing Partner Thorn Law Group, PLLC