FATCA Provisions Lead to Mass Turn Over of US Client Data: U.S. Taxpayers with Undisclosed Offshore Accounts are Encouraged to Come Forward Before Criminal Investigations are OpenedOffshore Updates
Posted in on July 30, 2012
The Foreign Account Tax Compliance Act (FATCA), which goes into effect next year, will require foreign financial institutions to turn over client data of certain U.S. taxpayers suspected of tax evasion. Those who have not already disclosed their foreign financial accounts may be at risk of criminal investigation by the U.S.
The U.S. government is encouraging U.S. taxpayers with undisclosed offshore accounts to come forward now through the IRS’s 2012 Offshore Voluntary Disclosure Initiative to ensure amnesty from criminal prosecution, as well as set civil penalties, before the U.S. government opens a criminal investigation against them.
The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through the IRS Amnesty Program. If you have an undisclosed offshore account contact Thorn Law Group now before it's too late!