One Week Remains for IRS 2011 Amnesty Program: Credit Suisse Likely to Settle
Posted in Press Releases on August 23, 2011 | Share
Kevin E. Thorn, Managing Partner of Thorn Law Group, warns U.S. taxpayers with undisclosed offshore accounts that only “One Week” remains for them to come forward and enter into the 2011 IRS Amnesty Program The deadline is August 31, 2011 and it is unlikely, the IRS will have another amnesty program in the future.
New York, NY (PRWEB) August 23, 2011 -- In the past month, the Department of Justice (DOJ) opened a formal investigation into the banking practices of another Swiss bank, Credit Suisse; increasing concerns among U.S. taxpayers maintaining undisclosed offshore accounts at Credit Suisse. Managing Partner of the Thorn Law Group observes that Credit Suisse will likely settle with the U.S. government agency in order to avoid any criminal charges that might be raised against the bank during the on-going investigation.
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 states, "A possible settlement with Credit Suisse could have serious implications for those U.S. taxpayers who have maintained undisclosed offshore bank accounts with Credit Suisse." Based on a similar course of action that the DOJ took with UBS, Thorn believes Credit Suisse is expected to enter into an agreement that will likely require the bank to turn over names of U.S. taxpayers with undisclosed foreign bank accounts.
Mr. Thorn emphasizes that the best alternative for account holders with undisclosed bank accounts, is to enter into the IRS 2011 Offshore Voluntary Disclosure Initiative (OVDI) and to do it in within the next few days before the IRS Amnesty Program ends. The current OVDI, provides a rare opportunity for U.S. taxpayers with undisclosed offshore accounts to benefit from structured penalties and with limited criminal exposure but only if the taxpayer comes forward before the deadline of August 31, 2011.
Mr. Thorn states, “U.S. taxpayers with undisclosed offshore accounts should come forward through the 2011 IRS Amnesty Program while there is still time.” Thorn continues, “The potential for a Credit Suisse settlement with the U.S. government is great and will likely lead the bank to turn over clients’ names with undisclosed offshore accounts, which can result in substantial civil and possibly criminal investigations into the U.S. taxpayers with undisclosed accounts.”
The deadline to enter a complete submission into the 2011 OVDI is August 31, 2011 and Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore bank accounts to “contact a tax litigation attorney immediately in order to assess their exposure.”
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
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.
Contact:
Kevin E. Thorn, Managing Partner
Thorn Law Group, PLLC
202-270-7273
www.thorntaxlaw.com
