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IRS Indicts Undisclosed Offshore Account Holders: Time Is Running Out!

Posted in Offshore Account Update, UBS / HSBC on March 22, 2011 | Share

With the launch of the 2011 Offshore Voluntary Disclosure Initiative (“OVDI”), the Internal Revenue Service and the Department of Justice have been taking strides to move forward with all undisclosed offshore account cases.

The DOJ has recently indicted more UBS account holders.  I expect the government to indict other taxpayers with undisclosed offshore bank accounts at UBS and other international banks around the world and believe this is still only the beginning.  Taxpayers with undisclosed bank accounts need to understand the pressure will only intensify going forward as the government obtains more information from banks and often from other taxpayers.

I do believe a Voluntary Disclosure is the only option to avoid substantial civil and criminal penalties and not only ends but must be completed by August 31, 2011.

The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through voluntary disclosure. If you have an undisclosed offshore account contact Thorn Law Group today.


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"I have personal knowledge that the tax attorneys at Thorn Law Group have developed a nationwide practice guiding individuals, banks, trusts, foundations and other organizations through the processes involved in managing and disclosing offshore bank accounts. The goal for our attorneys is to resolve potential legal issues in advance in order to bring their offshore bank accounts into compliance with government regulations."