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Wegelin

The US Department of Justice (DOJ) and the Internal Revenue Service (IRS)) are  investigating the Swiss bank Wegelin following the recent indictments of  bankers on charges they helped U.S. taxpayers with undisclosed offshore bank accounts commit tax fraud.

The Swiss tax authorities and the U.S. government are currently discussing an information exchange; U.S. taxpayers who have not revealed their accounts to the IRS are encouraged to disclose their offshore accounts 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:

  1. 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.
  2. 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.
  3. 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.

For a consultation, contact Kevin E. Thorn, Managing Partner, at ket@thornlawgroup.com or (617) 692-2989.

For more information on this topic visit our News & Events page.


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