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Mizrahi-Tefahot Bank

The United States Department of Justice (DOJ) and the Internal Revenue Service (IRS) investigations of foreign banks have rapidly expanded from Switzerland to banks in Israel. The DOJ and the IRS officials have announced that they are actively investigating US taxpayers with undisclosed offshore accounts in Israel, including Mizrahi-Tefahot Bank.

The Israeli and U.S. Governments enjoy a close relationship, United States taxpayers should assume Mizrahi-Tefahot Bank and other Israeli banks are sharing information with the Internal Revenue Service. U.S. taxpayers with undisclosed offshore accounts at Mizrahi-Tefahot Bank or other banks 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 an 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.

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