Liechtenstein Landesbank to Turn Over Client Names: Undisclosed Offshore Account Holders at Risk of Investigation Should Enter the 2012 Amnesty Initiative

Liechtenstein authorizes its second largest bank to turn over client data to United States Authorities. Kevin E. Thorn urges U.S. taxpayers with undisclosed offshore accounts maintained through Liechtensteinische Landesbank to come forward through the IRS’s 2012 Offshore Voluntary Disclosure Initiative.

New York, NY (PRWEB) June 19, 2012 - Liechtenstein, a country known for its banking secrecy laws, recently agreed to allow its second largest bank, Liechtensteinische Landesbank AG (LLB), to turn over U.S. client data to the Internal Revenue Service (IRS) and the U.S. Department of Justice (DOJ). Bloomberg News reports that any U.S. client who maintains an undisclosed offshore bank account through LLB will have their information turned over to U.S. authorities. LLB is beginning the process of turning over U.S. account holder data by notifying its past and present account holders that the bank intends to comply with the IRS information request.

Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers with undisclosed offshore accounts in the 2009, 2011 and the new 2012 IRS Amnesty Initiative states, “Getting this kind of letter from a foreign bank has changed many taxpayers’ lives. U.S. clients that receive a letter from LLB may face a high risk of criminal investigation.” Mr. Thorn continues, “Now is the time to come into compliance and enter into the IRS’s 2012 Amnesty Initiative before the government opens a criminal investigation.”

Mr. Thorn emphasizes that the risk of the DOJ discovering a taxpayer’s undisclosed offshore accounts is increasing drastically. Criminal investigations initiated by the DOJ regarding undisclosed offshore accounts can result in significantly greater financial penalties and the possibility of prosecution. Now is the time for taxpayers with undisclosed offshore bank accounts to speak with a tax lawyer with experience concerning the IRS 2012 Offshore Voluntary Disclosure Initiative.