Thorn believes there is a strong possibility for a new Amnesty Voluntary Disclosure Program to be initiated by the IRS, based on a public speech issued by IRS representatives.

It is believed by Thorn Law Group that the U.S. Internal Revenue Service and Department of Justice are investigating HSBC in an effort to find U.S. taxpayers who may have evaded taxes by depositing funds into undisclosed accounts with HSBC.

The Department of Justice has dismissed pending criminal charges against UBS.  Based on the terms of the DPA between DOJ and the bank, Thorn Law Group believes that UBS has released 4,450 account holder names to the DOJ and IRS.

The U.S. Internal Revenue Service and Department of Justice have begun investigating HSBC account holders in an effort to find U.S. taxpayers who may have evaded taxes by hiding money with HSBC in India and Singapore.

In a blow to the Swiss tradition of banking secrecy, the Swiss Parliament voted today to allow UBS AG to carry out its agreement with the U.S. government. Under the terms of the agreement, UBS promised to disclose the identities of U.S. taxpayers with hidden accounts at the Swiss bank. In exchange, the U.S. government agreed to not prosecute UBS for its role in assisting U.S. tax evaders. UBS plans to disclose the names and account details of 4,450 accounts held by US citizens suspected of tax evasion.