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Swiss Banks to Disclose U.S. Taxpayer information to U.S. Authorities: Undisclosed Account Holders are Urged to Come Forward through the IRS’s 2012 Voluntary Disclosure Program

Posted in Press Releases on September 10, 2012 | Share

Swiss banks have begun to disclose information to U.S. authorities. Kevin E. Thorn, Managing Partner of the Thorn Law Group urges U.S. taxpayers with undisclosed offshore accounts to enter the IRS’s 2012 Offshore Voluntary Disclosure Initiative in light of these recent developments.

Washington, DC (PRWEB) September 10, 2012 - After recent authorization by the Swiss government, Swiss banks begin to disclose U.S. taxpayer information to U.S. government officials. Any U.S. client who maintains an undisclosed offshore bank account through a Swiss bank will have their information turned over to U.S. authorities. According to Bloomberg news, Credit Suisse, Julius Baer, and Zuercher Kantonalbank, have already supplied information pertaining to bank employees and U.S. clients to the U.S. Department of Justice (DOJ). The data contains as many as 10,000 names of U.S. persons with undisclosed offshore accounts.  

Kevin E. Thorn, Managing Partner of Thorn Law Group, with an office in downtown Washington, DC, a law firm that represents many taxpayers throughout the country and around the world with undisclosed offshore accounts currently participating in the 2009, 2011 and now 2012 IRS Amnesty Programs, states, “U.S. taxpayers with undisclosed offshore accounts held at Swiss banks risk facing severe civil penalties and even possible criminal investigations.” Mr. Thorn continues, “Criminal investigations initiated by the DOJ regarding U.S. citizens with undisclosed offshore accounts can result in significantly greater financial penalties and the possibility of prosecution.  U.S. persons at risk of criminal investigation should enter the IRS’s 2012 Offshore Voluntary Disclosure Program to protect themselves from criminal exposure.”

Undisclosed offshore accountholders should come forward through the IRS’s 2012 Offshore Voluntary Disclosure Initiative before the government brings either civil audits or criminal charges against them that can result in significant financial penalties and the possibility of incarceration. Immediate action and experienced tax law representation is needed to voluntarily disclose your foreign financial accounts in order to avoid criminal prosecution.

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 problems.

Kevin E. Thorn
Managing Partner Thorn Law Group, PLLC

Thorn Law Group

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