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Bank Leumi

The Internal Revenue Service (IRS) and the Department of Justice (DOJ) officials are working with the Israeli bank, Bank Leumi, to identify United States taxpayers with undisclosed offshore accounts. Bank Leumi is only the latest of many banks located around the world that are actively being investigated by the IRS and the DOJ.

The governments of both Israel and the United States are working together to uncover tax fraud and other tax violations in their countries. United States taxpayers with undisclosed offshore accounts or other assets in Israel should make sure that they accurately report their accounts and property to the Internal Revenue Service.

U.S. government officials introduced the IRS’s 2012 Offshore Voluntary Disclosure Initiative to encourage U.S. taxpayers with undisclosed offshore accounts to come into compliance.

We currently represent United States taxpayers who are making voluntary disclosures of their offshore accounts.

Terms of the 2012 IRS Amnesty program include:

  1. A 27.5 percent penalty of the undisclosed offshore accounts based on the highest total account balances over an eight-year period of each account.
  2. Participants must pay-back interest and taxes on any unreported income for up to eight years, as well as delinquency and/or accuracy related penalties.
  3. Participants must file all amended and original tax returns, as well as include payments for taxes, interest, and accuracy related penalties.

U.S. taxpayers who successfully complete the 2012 IRS Offshore Voluntary Disclosure Program will be able to avoid severe civil penalties and IRS criminal investigations.

Contact Kevin E. Thorn, Managing Partner of Thorn Law Group, today for more information at ket@thornlawgroup.com or at (202) 270-7273.

Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.


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