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Julius Baer

As part of their continuing probe of Swiss banks, the Internal Revenue Service (IRS) and the United States Department of Justice (DOJ) are actively investigating Julius Baer.

Thousands of pages of encoded data containing information that identifies U.S. taxpayers with secret offshore accounts at Julius Baer and other Swiss banks has been given to the IRS and the DOJ by Swiss authorities.  When the U.S. and Swiss governments reach an agreement, the Swiss authorities will decode the data, then the IRS and the DOJ will begin opening criminal investigations into those U.S. taxpayers with hidden overseas bank accounts. If you are a U.S. taxpayer with an undisclosed offshore account now is the time to act.

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

Terms of the 2012 IRS Amnesty program are:

  1. A 27.5 percent penalty of the undisclosed offshore accounts based on the highest total account balances over an eight-year period.
  2. Taxpayers with undisclosed offshore accounts 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. Taxpayers with undisclosed offshore accounts 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 avoid severe civil penalties and criminal prosecution.

The attorneys at Thorn Law Group are experienced at representing individuals and entities in private disputes regarding undisclosed offshore accounts with the United States government. 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 undisclosed offshore accounts.

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

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