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2011 IRS Amnesty Program: HSBC Account Holders with Undisclosed Foreign Accounts Come Forward

Posted in Press Releases on May 19, 2011 | Share

Kevin E. Thorn believes that recent indictments by the Department of Justice has encouraged other U.S. taxpayers with undisclosed offshore accounts, especially those with HSBC, to come forward through the 2011 OVDI Program.

Washington, DC (PRWEB) May 19, 2011 -- Kevin E. Thorn believes that recent indictments by the Department of Justice has encouraged other U.S. taxpayers with undisclosed offshore accounts, especially those with HSBC, to come forward through the 2011 OVDI Program. 

Due to growing indictments by the Depart of Justice (“DOJ”), more and more offshore account holders have been entering into the 2011 Offshore Voluntary Disclosure Initiative (“OVDI”) in hopes of receiving amnesty for previously undisclosed bank accounts. The OVDI mainly offers the benefit of amnesty but also provides structured penalties that are uniform for all taxpayers coming forward.

A request to serve a John Doe Summons has been granted on behalf of the Internal Revenue Service (IRS) against HSBC. The Summons has been a useful weapon in the government’s arsenal; information gathered is being used to build cases against U.S. taxpayers. It is believed that HSBC, one of the foreign bank giants, has aided in the evasion of taxes.

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 that he has seen “many HSBC account holders come forward over the last few months to report their undisclosed foreign bank accounts in order to receive the benefits that the new Amnesty Program has to offer. The 2011 Offshore Voluntary Disclosure Initiative is only open until August 31, 2011.” Thorn continues, “It is critical for taxpayers who are not in compliance to come forward before the Department of Justice and the IRS open an investigation into them.”

Mr. Thorn encourages all U.S. taxpayers to, “contact a tax controversy attorney immediately in order to assess and minimize their civil and criminal exposure throughout these ongoing investigations. The deadline for the 2011 Offshore Voluntary Disclosure Initiative is rapidly approaching.”

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 
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.

Contact:
Kevin E. Thorn, Managing Partner
Thorn Law Group, PLLC
202-270-7273
www.thorntaxlaw.com


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