U.S. Taxpayers with Undisclosed Offshore Bank Accounts in Cayman Islands are Latest Focus of Ongoing Investigations of IRS and DOJ

United States Taxpayers with undisclosed offshore bank accounts in the Cayman Islands are the latest targets of the ongoing investigations of the Department of Justice (DOJ) and Internal Revenue Service (IRS). The covert operation this past week in the Cayman Islands should be a warning to any U.S. Taxpayer with an undisclosed offshore bank account.

If you’re a U.S. citizen with an undisclosed overseas bank account, do not wait for a warning letter from your bank.  Impending investigations by the IRS and DOJ are now occurring without warning.
 
If the IRS sends a U.S. Taxpayer with an undisclosed offshore bank account a letter of investigation, the taxpayer would not be eligible to participate in the IRS’s Voluntary Disclosure Program. The penalties for not coming into compliance with the IRS are severe. Enter the IRS’s Voluntary Disclosure Program now!

For a consultation, contact Kevin E. Thorn, Managing Partner, at ket@thornlawgroup.com or (617) 692-2989