Suspected of helping to hide offshore accounts owned by U.S. taxpayers, Zuercher Kantonalbank (ZKB) is being criminally investigated by the Internal Revenue Service (IRS) and the United States Department of Justice (DOJ).
The investigation of Zuercher Kantonalbank continues to progress. The bank is cooperating with the IRS and DOJ by handing over encoded data which contains the names of U.S. taxpayers with undisclosed offshore accounts in ZKB and other Swiss banks. When an agreement between the U.S. and the Swiss government is reached the data will be decoded. Now is the time that U.S. taxpayers should make sure that their foreign accounts and assets are properly reported to the IRS.
United States IRS authorities have been promoting the 2012 Offshore Voluntary Disclosure Program to encourage U.S. taxpayers with undisclosed offshore accounts to come into compliance.
Thorn Law Group currently represents United States clients with undisclosed offshore accounts who are making voluntary disclosures of their foreign accounts.
Terms of the 2012 IRS Amnesty program incorporate:
- A 27.5 percent penalty of the undisclosed offshore accounts based on the highest total account balance over an eight-year period of each account.
- Participants of the 2012 Voluntary Disclosure Program must pay back interest and taxes on any unreported income for up to eight years, as well as delinquency and/or accuracy related penalties.
- Participants of the 2012 Voluntary Disclosure Program must file all amended and original tax returns, as well as include payments for taxes, interest, and accuracy related penalties.
Successfully completing the 2012 IRS Offshore Voluntary Disclosure Initiative will help U.S. clients with undisclosed foreign bank accounts avoid severe civil penalties and criminal prosecution.
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