IRS Continues to Indict Undisclosed Offshore Bank Account Holders

IRS Continues to Indict Undisclosed Offshore Bank Account Holders

As more taxpayers with undisclosed offshore accounts are being indicted by the Department of Justice, Kevin E. Thorn of the Thorn Law Group in Washington D.C. would like to emphasize the opportunity furnished by the New Amnesty Program for those who have yet to come forward in order to avoid criminal prosecution which may include excessive financial penalties and incarceration.

With the launch of the 2011 Offshore Voluntary Disclosure Initiative ("OVDI"), the Internal Revenue Service and the Department of Justice have been taking strides to move forward with all undisclosed offshore account cases. According to Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents taxpayers throughout the U.S. and around the world with undisclosed offshore accounts, "Over the next few months, I expect the government to indict other taxpayers with undisclosed offshore bank accounts at UBS and other international banks around the world. This is only the beginning."

According to the Department of Justice, on December 17, 2010, another undisclosed UBS account holder, Arthur Joel Eisenberg, pled guilty in a federal court in Seattle, Washington. Eisenberg was charged with willfully filing a false tax return and failure to disclose an interest bearing offshore account. In addition to incarceration, Eisenberg paid a $2.1 million penalty for failing to file a Report of Foreign Bank and Financial Account Forms (better known as "FBARs").

"Taxpayers with undisclosed offshore bank accounts need to understand the pressure will only intensify going forward as the government obtains more information from banks and often from other taxpayers who have already come forward, their ability to mitigate financial and criminal exposure decreases." Mr. Kevin Thorn continues, "I believe this is the perfect time for taxpayers with undisclosed accounts to take advantage of the Internal Revenue Services's New Amnesty Program for undisclosed offshore account holders."

Undisclosed offshore banking account holders should come forward before the government brings either civil audits or criminal charges against them which can result in significant financial penalties and the possibility of incarceration. Immediate action and experienced tax law representation is needed to voluntarily disclose your account in order to avoid criminal prosecution.

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