Offshore Bank Accounts
The Department of Justice (DOJ) and Internal Revenue Service (IRS) officials have announced that they are actively investigating undisclosed offshore accounts located around the world, including Israel. DOJ and IRS officials are working with the Israeli bank, Bank Leumi, to identify U.S. taxpayers with undisclosed accounts.
Israel and the U.S. are working together to uncover tax fraud and other tax violations. U.S. taxpayers with offshore accounts or other property in Israel should ensure that their foreign accounts and assets are properly reported to the IRS.
The Internal Revenue Service has announced its 2012 Offshore Voluntary Disclosure Program for taxpayers with undisclosed offshore accounts.
Thorn Law Group currently represents United States taxpayers making voluntary disclosures of their offshore accounts.
Basic terms of this 2012 IRS Amnesty Program are:
- The 27.5 percent penalty of the undisclosed offshore accounts that is based on the highest total account balance over an eight-year period.
- Taxpayers must pay back taxes and interest on any unreported income for up to eight years as well as accuracy related and/or delinquency penalties.
- Taxpayers must file all original and amended tax returns and include payments for taxes, interest and accuracy related penalties.
Participants who successfully complete the 2012 IRS Offshore Voluntary Disclosure Program can avoid criminal prosecution, and substantial civil penalties.
Contact Kevin E. Thorn, Managing partner at Thorn Law Group today for more information at email@example.com or at (202) 270-7273.