I believe this is the perfect time for taxpayers with undisclosed accounts to take advantage of the IRS’s New Amnesty Program for undisclosed offshore account holders.
Washington, DC (PRWEB) March 23, 2011
With the launch of the 2011 Offshore Voluntary Disclosure Initiative (“OVDI”), the Internal Revenue Service and the Department of Justice have been taking strides to move forward with all undisclosed offshore account cases. According to Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents taxpayers throughout the U.S. and around the world with undisclosed offshore accounts, “Over the next few months, I expect the government to indict other taxpayers with undisclosed offshore bank accounts at UBS and other international banks around the world. This is only the beginning.”
According to the Department of Justice, on December 17, 2010, another undisclosed UBS account holder, Arthur Joel Eisenberg, pled guilty in a federal court in Seattle, Washington. Eisenberg was charged with willfully filing a false tax return and failure to disclose an interest bearing offshore account. In addition to incarceration, Eisenberg paid a $2.1 million penalty for failing to file a Report of Foreign Bank and Financial Account Forms (better known as “FBARs”).
“Taxpayers with undisclosed bank accounts need to understand the pressure will only intensify going forward as the government obtains more information from banks and often from other taxpayers who have already come forward, their ability to mitigate financial and criminal exposure decreases.” Mr. Thorn continues, “I believe this is the perfect time for taxpayers with undisclosed accounts to take advantage of the IRS’s New Amnesty Program for undisclosed offshore account holders.”
Undisclosed account holders should come forward 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 account 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, Managing Partner
Thorn Law Group, PLLC
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