Washington, DC (PRWEB) March 11, 2014
Recently, the U.S. Senate Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations held a hearing on the ongoing effort to collect unpaid taxes and penalties on offshore bank accounts. At the hearing Subcommittee Chair Senator Carl Levin observed that The Department of Justice, (DOJ) was not doing enough to seek out the names of the of U.S. Taxpayers with undisclosed offshore accounts. He called for the DOJ to act on the grand jury subpoenas issued against the Swiss banks or to seek John Doe summonses for the information. (See Department of Justice Press Release, April 30, 2013, http://www.justice.gov/opa/pr/2013/April/13-tax-488.html.)
Kevin E. Thorn, Managing Partner of the Thorn Law Group in Washington, D.C., is an international tax attorney who represents hundreds of U.S. taxpayers with undisclosed offshore accounts and business interests. In light of recent developments, Thorn anticipates the IRS and DOJ will soon have the information they need to go after thousands of U.S. taxpayers with undisclosed foreign accounts. Thorn takes particular notice of the U.S. Senate’s direction to the IRS and DOJ to use all available tools at their disposal in order to take a more aggressive approach against U.S. persons with undisclosed foreign accounts. (U.S. Senate Permanent Subcommittee on Investigations Offshore Tax Evasion Hearings, Feb 26, 2014, http://1.usa.gov/1eAmsDQ.)
Given these express directions from the Senate, Thorn anticipates IRS and DOJ investigations of U.S. persons with foreign accounts to become more aggressive. He advises that U.S. taxpayers with undisclosed offshore accounts should come into compliance with the IRS immediately. “The IRS and DOJ are actively prosecuting U.S. persons they find with hidden foreign accounts, as well as U.S. taxpayers with undisclosed foreign companies and trusts.” Mr. Thorn advises American taxpayers, (especially those with undisclosed foreign accounts at Credit Suisse and Swiss cantonal banks), to enter the IRS Offshore Voluntary Disclosure program to settle their issues. He points out that the penalty for not disclosing offshore accounts, trusts or companies can be devastating. “The best way to avoid criminal prosecution and protect your interests is to come forward and make an IRS Voluntary Disclosure of foreign assets to the IRS.”
In addition, Mr. Thorn observes that “Foreign banks are making their own IRS voluntary disclosures to avoid prosecution and penalties, and so should account holders. Once the DOJ and the IRS obtain the identities of account holders from these overseas banks, the IRS will more than likely not allow those account holders to enter into the IRS Voluntary Disclosure 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 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