Credit Suisse Making Preparations to Comply with U.S. Authorities: Potential Investigations into U.S. Clients with Undisclosed Offshore Accounts

Posted in Press Releases on February 21, 2012 | Share

Credit Suisse has been actively taking steps to alert their U.S. clients of the potential for a federal investigations; Kevin E. Thorn urges U.S. taxpayers with undisclosed offshore accounts held with the Swiss bank to come forward through the IRS’s 2012 Voluntary Disclosure Program.

New York, NY (PRWEB) February 21, 2012 - Recently, it has been reported that U.S. taxpayers who have maintained undisclosed offshore bank accounts with Credit Suisse are beginning to receive a letters from the bank concerning their undisclosed offshore accounts. According to Bloomberg, the letters from Credit Suisse date back to February 2, 2012 and advise their U.S. clients to hire a tax controversy lawyer and enter into the IRS’s 2012 Voluntary Disclosure Program in order to avoid potential criminal investigation.

This development, as well as the initial turn-over of U.S. client information on January 30, 2012, demonstrates that the Swiss bank is beginning to take steps to prepare their U.S. clients for the potential turnover of more client data and the possibility of civil and criminal investigations by the U.S. government.

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 in the 2009, 2011 and now 2012 IRS Amnesty Program states, “The U.S. and Credit Suisse may be close to going public on an a settlement deal that could affect many U.S. taxpayers with undisclosed offshore accounts.” Mr. Thorn continues, “The settlement will likely be similar in penalties to the agreement entered into by UBS.”

Mr. Thorn emphasizes that the risk of the IRS discovering a U.S. client’s undisclosed offshore accounts at Credit Suisse increases with every passing day. The consequences for failure to comply with the proper disclosure requirements and filing requirements may lead to audits, severe financial penalties, and in some cases, criminal prosecution. The U.S. government is committed to bringing all U.S. taxpayers with undisclosed offshore accounts into compliance.

Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore accounts maintained through Credit Suisse to “consult with a tax controversy attorney immediately in order to assess and minimize their civil and criminal exposure throughout these ongoing investigations and to take advantage of the new 2012 IRS Amnesty 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

Thorn Law Group

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