The United States Department of Justice (DOJ) and the Internal Revenue Service (IRS) are actively investigating the bank Liechtensteinische Landesbank for helping U.S. taxpayers commit tax fraud.
U.S. taxpayers with undisclosed offshore accounts in Liechtenstein should take steps as soon as possible to ensure that their foreign accounts and assets are properly reported to the IRS.
The IRS 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 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 IRS Voluntary Disclosure Program can avoid criminal prosecution, and substantial civil penalties.
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