Basler Kantonalbank
The IRS and US Department of Justice (DOJ) are actively investigating Swiss cantonal banks, including Basler Kantonalbank, as part of the on-going probe of Swiss banks the IRS believes helped US taxpayers commit tax fraud through the use of undisclosed offshore accounts in private banks throughout Switzerland.
Recently, Swiss authorities provided the IRS and DOJ with tens of thousands of pages of encrypted data containing information to identify US taxpayers with offshore accounts at Swiss banks. It is believed that Basler Kantonalbank provided significant account information as part of this disclosure by the Swiss. As soon as the US and Swiss governments reach agreement, the Swiss authorities will decode the data and the IRS and DOJ will begin investigating those US taxpayers. Now is the time for US taxpayers with offshore accounts or other property to take advantage of the IRS voluntary disclosure program.
The Thorn Law Group represents U.S. taxpayers making voluntary disclosures of their offshore accounts as well as taxpayers who did not make a voluntary disclosure but are being investigated by the IRS and the Department of Justice for failure to disclose their offshore accounts.
On January 9, 2012, the IRS announced its 2012 Offshore Voluntary Disclosure Program for taxpayers with undisclosed offshore accounts.
The basic terms of the program are:
- A 27.5 percent penalty of the undisclosed offshore accounts based on the highest aggregate account balance over the past eight-year period.
- Participants must pay back taxes and interest on any unreported income for up to eight years as well as accuracy related and/or delinquency penalties.
- Participants must file all original and amended tax returns and include payments for taxes, interest and accuracy related penalties.
Taxpayers who successfully complete the Offshore Voluntary Disclosure Program will likely avoid criminal prosecution or jail time. They will also not be liable for taxes or penalties prior to the years disclosed in the program.
The IRS has not stated how long the 2012 Offshore Voluntary Disclosure Program will be available, and could close it at any time.
To take advantage of this opportunity and to potentially avoid substantial civil and criminal penalties, contact Kevin E. Thorn, Managing partner at Thorn Law Group today at ket@thornlawgroup.com or call 201-355-8202.
This is an area of ongoing activity by the IRS and the Department of Justice. Check out our News & Events page for the latest developments regarding undisclosed offshore accounts.