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Bank Hapoalim

The United States Department of Justice (DOJ) and the Internal Revenue Service (IRS) are actively investigating U.S. taxpayers with undisclosed offshore accounts in Israel. The IRS and DOJ are negotiating with the Israeli bank, Bank Hapoalim to identify U.S. taxpayers with undisclosed accounts.

Israel and the U.S. enjoy a close relationship, and the governments of both countries are working together to uncover tax fraud. United States taxpayers with undisclosed offshore accounts in Israel should 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:

  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 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.

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