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Swiss Government Authorizes Banks to Turn-Over Names of Professionals to U.S. Authorities: U.S. Taxpayers with Undisclosed Offshore Accounts Beware

Posted in Press Releases on April 23, 2012 | Share

Switzerland authorizes its banks to turn-over the names of professional employees in connection with U.S. taxpayers suspected of tax evasion. Kevin E. Thorn urges U.S. taxpayers with undisclosed offshore accounts maintained through Swiss banks to come forward through the IRS’s 2012 Amnesty Disclosure Program.

New York, NY (PRWEB) April 23, 2012 - Switzerland recently authorized its banks to hand over the names of professional employees, external wealth mangers, lawyers and trustees who have allegedly helped U.S. taxpayers with undisclosed offshore accounts commit tax evasion. According to Reuters, the banks have been authorized to release e-mail traffic in connection with U.S. taxpayers who are suspected of maintaining undisclosed offshore accounts. The release of this information will likely contribute to establishing cases against those U.S. taxpayers with undisclosed offshore accounts currently under investigation by the Internal Revenue Service ("IRS”) and the Department of Justice (“DOJ”). While further U.S. client information is not being released at this moment, the employee information will further aid the IRS in its investigations into both foreign banks and U.S. taxpayers with undisclosed offshore accounts.

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 currently open 2012 IRS Amnesty Program states, “Eleven Swiss banks, including Credit Suisse and Julius Baer, are expected to comply with the Swiss’ decision to turn-over employee data.” Mr. Thorn continues, “U.S. taxpayers with undisclosed offshore Swiss accounts could face increased criminal exposure and should come into compliance through the IRS’s 2012 Voluntary Disclosure Program.”

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 account held by a Swiss bank increases with every passing day.

The consequences for U.S. taxpayers to comply with the proper disclosure requirements may lead to audits, severe financial penalties, and in some cases, criminal investigations. 
Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore accounts maintained through a Swiss bank 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 IRS’s 2012 Amnesty Program.”

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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"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."
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