New Disclosure Requirements Under Form 8938 Cause U.S. Taxpayers to Come Forward and Enter the IRS’s 2012 Amnesty Program
Kevin E. Thorn, Managing Partner of Thorn Law Group encourages U.S. taxpayers with undisclosed offshore accounts to enter into the IRS’s 2012 Amnesty Program and to thoroughly review their disclosure obligations under the new Form 8938.
New York, NY (PRWEB) April 16, 2012 - In anticipation of the quickly approaching tax filing deadline U.S. taxpayers continue to take advantage of the IRS’s 2012 Amnesty Program in order to avoid potential civil and/or criminal exposure. Within the past four months, Swiss negotiations have hastened with U.S. officials. According to the New York Times, the Swiss hope to enter a deal that will put an end to the tax evasion investigations against its banks. Disclosure of U.S. client information by the Swiss will likely strengthen the momentum of the IRS’s investigations, leaving those U.S. taxpayers with undisclosed offshore accounts a final opportunity to come forward through the Amnesty Program, before the 2011 tax filing deadline.
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, “U.S. taxpayers with undisclosed offshore accounts have recently been coming forward to avoid severe civil penalties and to prevent potential criminal exposure.” Mr. Thorn continues, “Those who have not yet done so are urged to consider the benefits of the 2012 IRS Amnesty Program by consulting an experienced tax attorney, especially before filing their 2011 tax return.”
Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore accounts to come forward through the IRS’s 2012 Amnesty Program and to carefully review the new IRS disclosure requirements under the new Form 8938 that needs to be filed with their 2011 federal tax return.
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