Banks in Israel have now joined a growing list of foreign banks that are being investigated by the Internal Revenue Service (IRS) and the United States Department of Justice (DOJ). Mizrahi-Tefahot Bank is actively being investigated by the IRS and the DOJ for helping U.S. taxpayers maintain undisclosed offshore accounts in Israel.
U.S. taxpayers with undisclosed offshore accounts at Mizrahi-Tefahot Bank, or other banks in Israel, should make sure that their foreign assets and accounts are properly reported to the IRS.
United States government officials announced the 2012 Offshore Voluntary Disclosure Program to encourage U.S. taxpayers with undisclosed offshore accounts to come into compliance.
Terms of the 2012 IRS Amnesty program include 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.
U.S. taxpayers who successfully complete the 2012 IRS Offshore Voluntary Disclosure Program will avoid severe civil penalties and criminal prosecution.
Thorn Law Group attorneys are knowledgeable of the international tax rules and regulations of numerous jurisdictions, and are able to counsel clients on their rights and options when dealing with issues relating to the disclosed of foreign bank accounts.