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202-349-4033


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IRS Extends its Reach to Leumi - Urging all U.S. Clients to Come into Compliance

Posted in Offshore Account Update, UBS / HSBC on December 15, 2010 | Share

While IRS officials and the DOJ are continuing to investigate offshore accounts held at HSBC and UBS, Bank of Leumi, Israel’s largest bank, has been identified as the new target of speculation. Bank of Leumi is currently requiring all of their U.S. clients to report any offshore bank accounts to the IRS immediately. U.S. tax authorities are making every effort to exercise the Foreign Account Tax Compliance Act and extend their investigation into other countries, such as Israel.

The U.S. government is committed to bringing all U.S. taxpayers with undisclosed offshore accounts into compliance, one way or another. Current clients who have already been accepted into the Voluntary Disclosure Program have nothing to fear about these developments, as they have already started their work to come into compliance before the threat of disclosure surfaced.

Any 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 criminal liability.

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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"Mr. Thorn and the attorneys at Thorn Law Group were so knowledgeable about the IRS Voluntary Disclosure Program and about the way the IRS Criminal Investigation Division works. Mr. Thorn helped put my mind at ease and walked me through the whole Voluntary Disclosure process. With the help of Thorn Law Group, and Mr. Thorn specifically, we were able to get back into compliance and were able to avoid criminal prosecution."