U.S. Taxpayer Information on Undisclosed Foreign Accounts to Potentially be Shared Globally
Kevin E. Thorn, Managing Partner of Thorn Law Group, counsels U.S. taxpayers with undisclosed offshore accounts that the IRS is still accepting voluntary disclosures of foreign accounts; those with undisclosed offshore accounts are encouraged to come forward now.
Washington, DC (PRWEB) October 17, 2011 - In an effort to promote full disclosures and tax compliance, according to Reuters, Congress has been encouraging the Internal Revenue Service (IRS) to take advantage of its global tax relations and share personal and financial U.S. taxpayer information with other foreign countries. The exchange of such information could further provide U.S. agencies with sufficient evidence to open criminal investigations against U.S. taxpayers with undisclosed offshore banks accounts.
At Senator Carl Levin’s (D-Mich.) request, the Government Accountability Office is assisting in the facilitation of this exchange by identifying all international tax treaties that are still in good standing. International tax treaties allow the U.S. and other countries involved to freely exchange taxpayer information without being barred by privacy regulations such as warrants.
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 states, “The exchange of taxpayer information puts those with undisclosed offshore accounts at risk of being criminally investigated by the Department of Justice.” Mr. Thorn continues, “Even thought the IRS’s Amnesty Program just ended, now is the time to still voluntarily disclose all unreported foreign assets in order to avoid increased civil and/or criminal penalties.”
Mr. Thorn encourages U.S. taxpayers with undisclosed offshore accounts to come forward through the IRS’s traditional Voluntary Disclosure Program before foreign banks turn over information concerning their undisclosed offshore accounts.
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