U.S. Government Obtains New Account Information on U.S. Taxpayers with Undisclosed Offshore Bank Accounts

Posted in Press Releases on October 8, 2012 | Share

The U.S. Government has obtained new client data on U.S. taxpayers with undisclosed offshore bank accounts. 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) October 8, 2012 - After a series of events dating back to July of 2012, the U.S. government has obtained the necessary information on U.S. account holders to begin processing criminal investigations into taxpayers who did not properly disclose their interest in their accounts to the Internal Revenue Service (IRS). The U.S. government was able to achieve rapid results after issuing a letter to the Swiss government requesting that it authorize Swiss banks to disclose U.S. client data on persons believed to have evaded U.S. taxes. Included among the many foreign banks that have supplied information to the U.S. government are: Credit Suisse, Julius Baer, Zuercher Kantonalbank, UBS, HSBC, Wegelin, Deutsche Bank, Bank Hapoalim, Bank Leumi, Basler Kantonalbank, Neue Zuercher, Liechtensteinische Landesbank, and Mizrahi-Tefahot Bank.  

Additionally, banks in France and India have dramatically increased efforts to encourage U.S. taxpayers to come into compliance with U.S. reporting requirements. Several French and Indian banks are strongly recommending that their U.S. clients disclose their accounts to the IRS before the IRS begins audits or criminal investigations.

Kevin E. Thorn, Managing Partner of Thorn Law Group, 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 the 2012 IRS Amnesty Programs, states, “This demonstrates the IRS’s ability to pool all necessary resources in order to achieve its goals. Now that the U.S. government has obtained U.S. client information, U.S. taxpayers with undisclosed offshore accounts are more susceptible to facing a criminal investigation including the possibility of incarceration.” Mr. Thorn continues, “U.S. persons at risk of criminal investigation for failing to disclose foreign assets should enter the IRS’s 2012 Offshore Voluntary Disclosure Program to protect themselves from criminal exposure and to minimize the risk of severe civil penalties.”

Undisclosed offshore accountholders should come forward now 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 is needed to voluntarily disclose your foreign financial accounts in order to avoid criminal prosecution. Experienced tax law representation is the best way to ensure your rights are protected throughout the process.

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

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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