IRS Amnesty Ends but Undisclosed Account Holders Can Still Voluntarily Disclose
Kevin E. Thorn, Managing Partner of Thorn Law Group, counsels U.S. taxpayers with undisclosed offshore accounts that the IRS is still accepting voluntary disclosures of foreign accounts, even though the 2011 Amnesty Program has ended.
Washington, DC (PRWEB) September 14, 2011 - Even though the deadline for the Internal Revenue Service’s 2011 Offshore Voluntary Disclosure Initiative has concluded, U.S. taxpayers with undisclosed offshore accounts still have the opportunity to come forward through the IRS’s traditional Voluntary Disclosure program. Like the OVDI, the traditional Voluntary Disclosure program provides taxpayers an opportunity to come forward and potentially avoid criminal prosecution. Both the IRS and Department of Justice have made it clear that taxpayers with undisclosed offshore bank accounts will be pursued by the government, potentially becoming subjects of criminal investigations.
Recent developments with investigations into prominent private offshore wealth management banks, regional – or cantonal – Swiss banks, as well as such large banks as Credit Suisse and HSBC, heighten the risks of not disclosing a foreign account. Taxpayers who have not disclosed their offshore bank accounts should do so before the Department of Justice begins to open investigations against them; information provided by Credit Suisse, HSBC or other banks during these investigations may be used by the IRS and the Department of Justice to support new investigations into U.S. taxpayers suspected of evading taxes.
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 states, “For taxpayers with undisclosed accounts who were unable to take advantage of the recent 2011 IRS Amnesty Program, now is the time for you to come forward and learn about other options the IRS provides in regards to voluntary disclosure in order to limit potential civil penalties and criminal exposure”.
Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore bank accounts to “contact a tax litigation attorney immediately in order to learn of other disclosure options and to assess their exposure.”
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 https://www.thorntaxlaw.com.
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