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News & Events

One Week Until 2011 IRS Amnesty Program Deadline

Offshore Account Update

Posted in on August 7, 2011

More than ever, it appears the best alternative for taxpayers with undisclosed bank accounts is to enter into the IRS 2011 Offshore Voluntary Disclosure Initiative (OVDI).  But time is quickly running out to take advantage of the OVDI – the deadline for entering the “amnesty” program is next week.  The OVDI may well be the last chance for U.S. taxpayers with undisclosed offshore accounts to benefit from pre-determined penalties and reduced criminal exposure, but only if the taxpayer comes forward before the deadline of August 31, 2011.

U.S. taxpayers with undisclosed accounts at Credit Suisse should give extra thought to coming forward soon.  A possible settlement agreement between the U.S. Department of Justice and Credit Suisse could have serious implications for those taxpayers who remain silent about their offshore accounts with the bank; Credit Suisse will likely enter into an agreement that will require the bank to turn over to the DOJ names of U.S. taxpayers with foreign bank accounts.

The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through the 2011 IRS Voluntary Disclosure Program. If you have an undisclosed offshore account contact Thorn Law Group now before it's too late!


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