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Former Julius Baer Banker to give IRS 2,000 Names of Undisclosed Offshore Holders

Posted in Offshore Account Update on January 17, 2011 | Share

On Sunday, January 16, 2011, Rudolf Elmer, Bank Julius Baer’s former chief operating officer in the Cayman Islands, released information that he would be turning over new data on offshore bank account holders to the IRS in the very near future. Elmer told officials that the documents he has contains names and account details of approximately 2,000 bank clients—including prominent business people, multimillionaires, famous artists, and approximately 40 politicians.

Elmer has told Swiss papers that the information regarding offshore tax evasion pertained to three different financial institutions, specifically Swiss Bank Julius Baer. Currently, Julius Baer is denying the allegations made by Elmer. However, the seriousness of the information has potential ramifications that if/when such U.S. taxpayer information is released the U.S. Department of Justice and the Internal Revenue Service will begin both criminal and civil investigations, respectively. Therefore, U.S. taxpayers with accounts with Julius Bear should proactively seek compliance in relation to their undisclosed offshore bank accounts and should potentially file a voluntary disclosure.

In regards to the accusations made by Elmer stay tuned for more developments on this report. U.S. taxpayers who have not yet disclosed their foreign bank accounts located in any offshore locations should come forward as soon as possible to avoid any potential criminal and/or civil liability. You do not want the government to find you first.

If you have an undisclosed offshore account contact Thorn Law Group today. Immediate action and experienced tax law representation is needed to voluntarily disclose your account in order to avoid criminal prosecution.


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