IRS Extends Offshore Amnesty Deadline by Two Weeks: September 9, 2011
Kevin E. Thorn, Managing Partner of Thorn Law Group, warns U.S. taxpayers with undisclosed offshore accounts that the IRS has extended the current Offshore Amnesty Program by “Only Two Weeks”; taxpayers should come forward and enter into the 2011 IRS Amnesty Program--it’s probably the last chance to do so.
Washington, DC (PRWEB) August 30, 2011 - Due to the potential impact of Hurricane Irene, the Internal Revenue Service (“IRS”) has extended the due date for the Offshore Voluntary Disclosure Initiative until September 9, 2011. A recent investigation into prominent offshore wealth management banks, Credit Suisse and HSBC, and multiple indictments by the Department of Justice have sparked taxpayers’ interest by demonstrating the risks of not disclosing a foreign account, but also portraying the benefits of full disclosure under the umbrella of the 2011 Offshore Voluntary Disclosure Initiative. Managing Partner of Thorn Law Group believes the extension should encourage those who have not disclosed their offshore bank accounts to do so within the next two weeks or face substantial civil penalties and a possible criminal investigation.
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, “This may be the last opportunity like this for taxpayers with undisclosed offshore accounts to take advantage of; to not do so may open them to severe civil penalties and a possible criminal investigation or even criminal prosecution.”
All information requested in the Offshore Voluntary Disclosures Letter must still be submitted no later than September 9, 2011. Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore bank accounts to “contact a tax litigation attorney immediately in order 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