The United States Department of Justice (DOJ) and the Internal Revenue Service (IRS) are actively investigating Zuercher Kantonalbank (ZKB) because they are suspected of helping to hide offshore accounts held by United States taxpayers.
Zuercher Kantonalbank is cooperating with the DOJ and IRS investigation. U.S. taxpayers with undisclosed offshore accounts in ZKB or other Swiss banks should ensure that their foreign accounts 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 2012 IRS Offshore Voluntary Disclosure Program can avoid criminal prosecution, and substantial civil penalties.
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