Kevin Thorn, the Managing Partner of Thorn Law Group discusses the impact on U.S. taxpayers with Swiss bank accounts caused by the recent commitment of many Swiss cantonal banks to disclose account information to the IRS: cautions the window of opportunity for U.S. taxpayers with undisclosed foreign bank accounts to take advantage of the IRS Voluntary Disclosure program may be closing rapidly.

Kevin Thorn of the Thorn Law Group discusses the effect to U.S. Taxpayers in 2014 caused by the December 31, 2013 deadline for Swiss banks to join the U.S. disclosure program in order for the banks to avoid prosecution. Thorn cautions, “Time is running out for U.S. Taxpayers with undisclosed overseas bank accounts to enter into the IRS’s Voluntary Disclosure Program.”

Kevin Thorn of Thorn Law Group discusses impact of recent Intergovernmental Agreements (IGA’s) with the Cayman Islands and Costa Rica. The IGAs require Cayman and Costa Rican banks to disclose account information to the U.S. government.

Kevin E. Thorn of Thorn Law Group discusses the growing impact U.S. investigations of Swiss banks is having on U.S. clients and asks the question “Is it too costly for Swiss and other European banks to keep U.S. account holders?”

Thorn Law Group reports Swiss Finance Minister's announcement that Switzerland has taken two major steps in dismantling its longstanding institution of bank secrecy by signing the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters and agreeing to disclose account information on international data exchange.