IRS Shares Undisclosed Bank Account Information with Foreign Countries

FOR IMMEDIATE RELEASE
Rutherford, New Jersey, United States of America (Free-Press-Release.com) December 1, 2011 -- To prevent tax evasion, the IRS is sharing taxpayer financial information about undisclosed bank accounts with other countries.

Washington, D.C., October 2011—The Internal Revenue Service has begun to share taxpayers’ financial and personal information with tax collection agencies in foreign countries. This information will allow the Internal Revenue Service to insure compliance with relevant tax codes and full disclosure of financial information. In addition, the exchange of this information allows the IRS to begin building a case against taxpayers with undisclosed offshore bank accounts. Some worry that the IRS will seek not just civil but also criminal penalties against taxpayers with undisclosed offshore bank accounts.

However, hope is not lost for taxpayers with undisclosed offshore bank accounts. Consult your local IRS lawyer in New Jersey. An IRS lawyer in New Jersey will be able to guide you through the intricacies of the IRS’s Voluntary Offshore Account Disclosure Program, which allows taxpayers to come forward about their undisclosed offshore bank accounts. While there are penalties built into the Voluntary Disclosure Program, the penalties are far steeper for a person who hides his or her undisclosed offshore bank account and may include thousands of dollars in fines and jail time. In comparison, the Voluntary Disclosure program is relatively painless and simple to go through.

It is important that everyone who wants to go through the IRS’s Voluntary Disclosure Program do so before foreign banks turn over their information about the offshore bank accounts they currently have. When the IRS finds out about the undisclosed offshore bank account, it is too late to report the undisclosed offshore bank account without severe penalties. Therefore, it is necessary for everyone with an undisclosed offshore bank account to seek out a IRS lawyer serving the Washington, D.C., Maryland and Virginia area with experience in guiding taxpayers through the Voluntary Disclosure Program. The Thorn Law Group has years of experience with IRS programs and knows all the tricks of the trade.
The Thorn Law Group consists of experienced attorneys who are dedicated to serving their clients nationwide, including Washington D.C., Maryland, Virginia, Connecticut and Pennsylvania. In civil and criminal cases, they defend their clients before the IRS, United States Tax Court and US Department of Justice in cases involving business or criminal tax law, offshore bank accounts, international tax disputes, audits, ethics and professional responsibility investigations and IRS whistleblowers.

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