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The Disclosure Game Has Changed: The United States Department of Justice is Increasing Investigations Into U.S. Taxpayers with Undisclosed Offshore Accounts

Posted in Press Releases on November 6, 2012 | Share

Foreign banks are encouraging U.S. taxpayers with undisclosed offshore accounts to come forward through the IRS's 2012 Amnesty Program. Kevin E. Thorn, Managing Partner of the Thorn Law Group urges U.S. clients with foreign accounts to come forward before they become the subject of a criminal investigation.

Washington, DC (PRWEB) November 6, 2012 - Foreign banks are providing more information to the U.S. Government regarding U.S. taxpayers who have undisclosed offshore accounts. Kathryn Keneally, an attorney for the U.S. Justice Department states, “Our investigations are continuing, they are expanding—it is a big world, but we are looking throughout the world and are investigating beyond where you have seen us in the past.” She continues, “…[W]e are every day developing information and getting account holder information from unpublicized sources. Failure to come into the 2012 IRS Voluntary Disclosure Program is getting increasingly dangerous and in the future, notification of disclosure of account information by private banks will not be the norm."  

Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the country and around the globe with undisclosed offshore accounts, and has hundreds of clients currently participating in the 2009, 2011 and now the 2012 IRS Amnesty Program, states, “The rules have changed and U.S. taxpayers with undisclosed offshore accounts may or may not receive a letter from a foreign bank that their account is going to be closed and advising them to enter into the IRS’s 2012 Amnesty Program." Mr. Thorn continues, “The IRS and the DOJ are obtaining information from undisclosed sources and the IRS’s top priority is to bring U.S. taxpayers with undisclosed offshore accounts into compliance. Therefore, U.S. taxpayers with undisclosed offshore accounts should come forward now before they face a potential criminal investigation."

United States Taxpayers with undisclosed offshore accounts should come forward now through the IRS’s 2012 Offshore Voluntary Disclosure Initiative before the U.S. Government brings either civil audits and/or criminal charges against them that can result in significant financial penalties and the possibility of incarceration.

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


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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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