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Swiss Banks Hand Over U.S. Taxpayer Names And Account Information: Enter the U.S. Voluntary Disclosure Program Now To Prevent Criminal Prosecution

Posted in Press Releases on January 6, 2014 | Share

Kevin Thorn of the Thorn Law Group discusses the effect to U.S. Taxpayers in 2014 caused by the December 31, 2013 deadline for Swiss banks to join the U.S. disclosure program in order for the banks to avoid prosecution. Thorn cautions, “Time is running out for U.S. Taxpayers with undisclosed overseas bank accounts to enter into the IRS’s Voluntary Disclosure Program.”

Washington, DC (PRWEB) January 6, 2014 - The December 31, 2013 deadline has passed for the Department of Justice’s, (DOJ’s) voluntary disclosure program. Swiss banks that have committed violations of U.S. tax laws and want to cooperate must now fully disclose all account activities in which U.S. Taxpayers have a direct or indirect interest. [http://www.usdoj.gov].

As of late December, as many as 33 of Switzerland’s 300 banks have decided to enter this program with the Department of Justice in order to avoid prosecution and reduce their penalties for helping U.S. Taxpayers hide their undisclosed overseas accounts. [“Tax Evasion: Swiss Banks Rush to Meet US DOJ Disclosure Scheme Deadline”, International Business Times, December 24, 2013 at http://bit.ly/19MpB2d.]    In exchange for amnesty, the foreign banks will be disclosing information and the identities of their U.S. account holders to the U.S. Department of Justice. The IRS and DOJ can use this information to investigate and prosecute U.S. taxpayers with undisclosed offshore accounts.

The U.S. Treasury has now signed FATCA intergovernmental agreements with many countries around the world including Switzerland, the United Kingdom, Germany, Italy, and the People’s Republic of China. The IRS is closing in on U.S. taxpayers with undisclosed overseas accounts in banks in these countries.

Kevin E. Thorn, who is the Managing Partner of Thorn Law Group, and represents numerous U.S. taxpayers with undisclosed offshore bank accounts from around the world in the IRS Offshore Voluntary Disclosure Initiative, states, “The disclosure by Swiss banks of U.S. persons with foreign bank accounts is a huge gain for the IRS and DOJ efforts to identify and locate U.S. taxpayers with undisclosed and untaxed assets located offshore. Anyone who has such accounts faces severe civil and criminal risk by not coming forward at this time.”

He continues, “The Department of Justice and the Internal Revenue Service will continue to put pressure on all foreign banks in order to obtain American client information and bring United States taxpayers back into compliance with or without their cooperation."

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

Thorn Law Group

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