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U.S. Authorities Entice Swiss Banks to Turn Over Names of U.S. Accountholders with Undisclosed Foreign Accounts and Bank Employee Information

Posted in Press Releases on August 20, 2012 | Share

Swiss banks have recently begun to release employee data, as well as U.S. client 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.

New York, NY (PRWEB) August 20, 2012 - The Swiss government recently authorized its banks to turn over data pursuant to the U.S. Department of Justice’s (DOJ) investigation into the banks alleged role in helping U.S. clients evade taxes. The information released includes thousands of employee and U.S. client names. According to Bloomberg news, five of the eleven banks currently under investigation by U.S. authorities, including Credit Suisse, Julius Baer, and Zuercher Kantonalbank, have already supplied e-mails and telephone records to the DOJ. The data contains as many as 10,000 names of U.S. persons with undisclosed offshore accounts. This abundance of information will give the DOJ ammunition as it begins opening criminal investigations into U.S. taxpayers suspected of tax evasion.   

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, “Over the past few months U.S. authorities have increased pressure amongst Swiss banks to turn over U.S. client data. The government’s persistence in obtaining this information has proven their commitment to bringing all U.S. taxpayers into compliance.” Mr. Thorn continues, “U.S. taxpayers with undisclosed foreign accounts may be at risk of criminal investigation if they have not yet taken the initial steps to come into compliance. At this moment the IRS’s 2012 Offshore Voluntary Disclosure Program is the best way for many U.S. persons with undisclosed offshore accounts 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, criminal tax, and international tax problems.

Kevin E. Thorn
Managing Partner Thorn Law Group, PLLC

Thorn Law Group

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"Mr. Thorn and the attorneys at Thorn Law Group were so knowledgeable about the IRS Voluntary Disclosure Program and about the way the IRS Criminal Investigation Division works. Mr. Thorn helped put my mind at ease and walked me through the whole Voluntary Disclosure process. With the help of Thorn Law Group, and Mr. Thorn specifically, we were able to get back into compliance and were able to avoid criminal prosecution."
M Patel