Kevin E. Thorn, Managing Partner of the Thorn Law Group discusses the recent negotiations between the U.S. Department of Justice and Swiss bank Credit Suisse and the effect that any potential settlement may have on the rest of the banking community and the U.S. Taxpayers who still may have undisclosed offshore accounts at foreign banks.

Kevin E. Thorn of the Thorn Law Group warns that U.S. Taxpayers with undisclosed overseas bank accounts should come forward now before the Swiss bankers who helped them hide their undisclosed accounts are extradited to the United States and give them up in exchange for reduced penalties or sentences. Thorn asks, “Do you trust that the Swiss banker who helped you hide your funds will remain silent about you and your undisclosed offshore accounts?”

Kevin Thorn of the Thorn Law Group remarks on the February 26, 2014 U.S. Senate hearing in which the U.S. Congress, after discussions with Executives at Credit Suisse, urged the Department of Justice to use all of its power to go after U.S. Taxpayers with undisclosed overseas bank accounts. Thorn adds, “It is becoming more and more urgent for U.S. citizens with hidden overseas bank accounts to come forward and file IRS Voluntary Disclosures.”

Kevin Thorn of the Thorn Law Group comments on the recent guilty plea by a United States Taxpayer with undisclosed overseas bank accounts as one in a long line of ongoing IRS and DOJ investigations into U.S. citizens with hidden overseas bank accounts. Thorn observes the U.S. government’s expanded focus from Switzerland to other countries.

Kevin Thorn of the Thorn Law Group discusses the recent disclosure that over 106 Swiss banks have entered the DOJ and IRS Voluntary Disclosure Program for Banks in exchange for non-prosecution deals, and are now willing to identify taxpayers with undisclosed offshore bank accounts.