Former Julius Baer Banker to give IRS 2,000 Undisclosed Offshore Client Names
Posted in Press Releases on January 26, 2011 | Share
Kevin E. Thorn believes the release of another 2,000 is highly likely. This release could have a big impact on U.S. taxpayers in that there will be another pool for the DOJ and IRS to proceed criminally and civilly against. Taxpayers not in compliance should be taking this possibility seriously and work with professionals to come into compliance if they have not already done so.
Washington, DC (PRWEB) January 25, 2011 -- On Sunday, January 16, 2011, Reuters news verified reports that Rudolf Elmer, Bank Julius Baer’s former chief operating officer in the Cayman Islands, will release new information regarding offshore bank accounts to the Internal Revenue Service. Elmer has told officials that the documents contain names and account details of approximately 2,000 banking clients—including prominent business people, multimillionaires, famous artists, and approximately 40 politicians.
Elmer has told Swiss papers that the information regarding the offshore bank accounts pertains to three different financial institutions, including 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 to the U.S. Department of Justice and the Internal Revenue Service, both will likely institute criminal and civil investigations based on such information. Therefore, U.S. taxpayers with accounts with Julius Bear should proactively seek to come into compliance in relation to their undisclosed offshore bank accounts.
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, believes, “U.S. taxpayers have had many opportunities over the last two years to come into compliance and voluntarily disclose their offshore accounts. It is very important for U.S. taxpayers to come forward before the Internal Revenue Service or Department of Justice contacts them."
The U.S. government is committed to bringing all U.S. taxpayers with undisclosed offshore accounts into compliance, one way or another. U.S. taxpayers who have yet to disclose their foreign bank accounts located in any offshore locations should come forward as soon as possible to avoid potential civil and criminal liability.
For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 202-349-4033 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 international tax and financial problems.
Kevin E. Thorn, Managing Partner
Thorn Law Group, PLLC