News & Events

Kevin Thorn of Thorn Law Group states that taxpayers with undisclosed foreign accounts should take careful notice of the IRS’s commitment of resources to a long-term strategy for pursuing unreported income and assets kept in undisclosed offshore accounts.

The IRS recently reaffirmed its commitment to combating offshore tax evasion by forming a new elite unit of professionals dedicated to investigating and auditing offshore tax evasion by U.S. taxpayers.  Kevin Thorn of Thorn Law Group, PLLC states that taxpayers with undisclosed foreign accounts should take careful notice of the IRS’s commitment of resources to a long-term strategy for pursuing unreported income and assets kept in undisclosed offshore accounts.  Said Thorn, “The IRS’s pursuit of U.S.taxpayers with money and assets hidden in offshore accounts is much more far-reaching than just its inquiry into the UBS accounts.”

The agreement requires UBS to turn over approximately 4,500 names of US taxpayers with foreign accounts.  However, UBS is not required to turn over any names until AFTER the September 23 deadline for US taxpayers to voluntarily disclose their accounts using the offshore account settlement initiative. 

Obviously, some people believe these are the most egregious cases, what the government would call the most challenged offenders.  However, others believe, these are some of the names of US citizens that were released to the government by UBS in February.