1 Month Left: Last Chance for Undisclosed Offshore Account Holders to Come Forward Through IRS Amnesty Program
Posted in Press Releases on August 1, 2011 | Share
Kevin E. Thorn, of Thorn Law Group, encourages U.S. taxpayers with undisclosed offshore accounts at Credit Suisse and HSBC to come forward through the IRS Voluntary Disclosure Program of 2011, as only “One Month” remains until the deadline.
Washington, DC (PRWEB) August 1, 2011 -- The 2011 Offshore Voluntary Disclosure Initiative (OVDI) is based on the previous disclosure program that ran through October of 2009. The OVDI provides an opportunity for taxpayers with undisclosed offshore accounts to benefit from structured penalties without criminal exposure but only if the taxpayer comes forward before the deadline.
Recently, the Department of Justice opened a formal investigation into the banking practices of another Swiss bank, Credit Suisse. Based on the government’s investigation into Credit Suisse, many believe the bank may have a larger problem than UBS did two years ago. On another front, HSBC India has taken action to limit a continued investigation as well. Recently, HSBC India has informed all their U.S. clients that they will no longer be able to maintain any form of investment relations and will be transferring them to the HSBC USA branch.
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 many undisclosed offshore accounts at Credit Suisse and HSBC states, “The U.S. government is taking quick action to bring taxpayers into compliance by means of opening investigations into offshore banks suspected of aiding in tax evasion and it is believed the U.S. government will eventually obtain the names of those taxpayers with undisclosed offshore accounts.” Thorn continues, “U.S. taxpayers with undisclosed offshore accounts should come forward through the 2011 IRS Amnesty Program while there is still time, in order to limit substantial civil and criminal liabilities.”
The general 2011 OVDI terms include: a 25 percent maximum penalty on the taxpayers' undisclosed offshore accounts with the highest aggregate account balance over an eight year period, 2003 through 2010; participants must pay back taxes and interest for up to eight years as well as accuracy related and/or delinquency penalties; and participants must file all original and amended tax returns and include payments for taxes, interest and accuracy related penalties. The deadline to enter a complete submission into the 2011 OVDI is August 31, 2011, only one month remains and time is running out.
Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore bank accounts to, “contact a tax controversy attorney immediately in order to assess and possibly minimize their civil and criminal exposure by possibly entering into the current 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
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