IRS’s New 2012 Voluntary Disclosure Program Brings in Taxpayers: U.S. Clients with Undisclosed Offshore Accounts at Credit Suisse Come into Compliance
IRS’s New 2012 Voluntary Disclosure Program Brings in Taxpayers: U.S. Clients with Undisclosed Offshore Accounts at Credit Suisse Come into Compliance.
New York, NY (PRWEB) March 6, 2012 - As Credit Suisse prepares to alert their U.S. clients of the potential turnover of client data, an increasing number of U.S. taxpayers have been entering the IRS’s 2012 Voluntary Disclosure Program in order to avoid potential criminal investigations. According to Bloomberg, the Swiss bank recently issued letters to their U.S. clients concerning their undisclosed offshore accounts and further advises their U.S. clients to hire a tax controversy lawyer.
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 in the 2009, 2011 and now 2012 IRS Amnesty Program states, “The efforts by Credit Suisse to abide by U.S. taxing policies has increased interest among U.S. taxpayers with undisclosed offshore accounts to come into compliance through the IRS’s 2012 Voluntary Disclosure Program.” Mr. Thorn continues, “The opportunity to enter the Amnesty Program is one that should not be easily overlooked.”
The U.S. government is committed to bringing all U.S. taxpayers with undisclosed offshore accounts into compliance. Mr. Thorn emphasizes that the risk of the IRS discovering a U.S. client’s undisclosed offshore accounts at Credit Suisse increases with every passing day. The consequences for failure to comply with the proper disclosure requirements and filing requirements may lead to audits, severe financial penalties, and in some cases, criminal prosecution.
Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore accounts maintained through Credit Suisse to “consult with a tax controversy attorney immediately in order to assess and minimize their civil and criminal exposure throughout these ongoing investigations and to take advantage of the new 2012 IRS Amnesty Program.”
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.