Germany's Deutsche Bank has settled with the Internal Revenue Service (IRS) on charges they helped U.S. taxpayers commit tax fraud through the use of tax shelters. Deutsche Bank and other German banks may also be cooperating with the IRS to identify U.S. taxpayers with undisclosed offshore bank accounts in Germany and worldwide. Now is the time to act, if you have an undisclosed offshore account.
The IRS has announced its 2012 Offshore Voluntary Disclosure Program for taxpayers with undisclosed offshore accounts.
The Thorn Law Group currently represents United States taxpayers making voluntary disclosures of their offshore accounts.
Basic terms of the 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 the past 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 severe civil penalties.
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