U.S. Senate Urges the Department of Justice to Seek Extradition of Swiss Bankers Who Helped U.S. Taxpayers Maintain Undisclosed Bank AccountsPress Releases
Posted on March 25, 2014 | Share
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?”
Washington, DC (PRWEB) March 25, 2014 - The Department of Justice, (DOJ), confirmed it has charged 35 Swiss bankers and 25 financial advisors with helping U.S. Taxpayers hide their undisclosed overseas accounts, but has not yet sought their extradition to the United States. [Testimony of James M. Cole, Deputy Attorney General, before U.S. Senate Permanent Subcommittee on Investigations, Feb 26, 2014, http://1.usa.gov/1eAmsDQ.] The U.S. Senate is now actively urging the DOJ to seek extradition from Switzerland of the Swiss nationals who the U.S. has identified as having assisted U.S. Taxpayers in the criminal act of tax evasion by helping U.S. citizens and residents hide undisclosed income, assets and accounts overseas. [Letter from U.S. Senate Permanent Subcommittee on Investigations to DOJ urging extradition, http://1.usa.gov/1oUQKZs.]
The extradition treaty between Switzerland and the United States permits the extradition of Swiss nationals who have assisted Americans with criminal tax evasion.
Kevin E. Thorn, Managing Member of Thorn Law Group, PLLC, is an international tax attorney who represents hundreds of U.S. citizens and residents with offshore accounts and business interests. Thorn says he is not surprised by the Senate’s latest direction to the DOJ, adding. “The U.S. government is serious about identifying and prosecuting people and businesses with unreported income and hidden accounts. Right now, the U.S. government’s focus is on the use of foreign accounts to hide income and assets. Clearly, the U.S. Senate wants the IRS and DOJ to use every available tool to uncover tax evasion and other crimes.”
Thorn cautions U.S. taxpayers with undisclosed foreign accounts, foreign companies or offshore trusts to come forward and disclose them immediately. “In my experience, any DOJ deal with the Swiss bankers and financial advisors will almost certainly involve the Swiss bankers and advisors disclosing details about the identities of U.S. persons they worked with and their accounts.”
Thorn advises American taxpayers to enter the IRS Offshore Voluntary Disclosure program to settle their issues. He points out that the penalty for not disclosing offshore accounts, trusts or companies can be devastating. “The best way to avoid criminal prosecution and protect your interests is to come forward and make a voluntary disclosure of foreign assets to the IRS.”
The U.S. Senate is urging the IRS and DOJ to continue to take a more aggressive approach against U.S. persons with undisclosed foreign accounts. [U.S. Senate Permanent Subcommittee on Investigations, Offshore Tax Evasion Hearings, Feb 26, 2014, http://1.usa.gov/1eAmsDQ.] Given the increased pressure the U.S. Senate is placing on the IRS and DOJ, Thorn anticipates the IRS and DOJ will soon uncover the information they need to go after numerous U.S. taxpayers with hidden foreign accounts.
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.
For a consultation, contact Kevin E. Thorn, Managing Partner, at firstname.lastname@example.org or (617) 692-2989