Published:
Advancing the Story of Secret Offshore Accounts: Scores of Innocent Wealthy Families Come Forward -- Will They Be Prosecuted?
WASHINGTON, July 24 /PRNewswire-USNewswire/ -- The following was issued today by Caplin & Drysdale:
WHAT: With the recent attention to Americans who may have undeclared accounts at UBS, theLiechtenstein bank LGT, and other foreign banks, the D.C.-based law firm, Caplin & Drysdale is fielding more and more client calls from individuals who have such accounts and who want to try to resolve their issues before they are discovered by the IRS. By far, most clients are innocent of deliberate evasion but a great deal of wealth appears to be at stake with some accounts reaching the $25-million mark.
WHY: Firm attorneys say many clients have accounts from "old money" sources. Some clients are survivors of the Holocaust, or their descendants. Many were unaware of their reporting obligations, but are now being counseled to take advantage of the IRS "Voluntary Disclosure Policy." The IRS has also issued public comments recommending that U.S. taxpayers in this position come forward, and many are doing so, often with interesting stories to tell.
WHO: Caplin & Drysdale attorneys say clients stand a better chance to qualify to make a voluntary disclosure and even avoid potential criminal prosecution, if they come forward sooner rather than later.
About Caplin & Drysdale
A leading law firm, Caplin & Drysdale provides a full range of tax and legal services to companies, organizations, and individuals throughoutthe United States and around the world. The firm also provides corporate law counseling, white collar defense, political activity law counseling, exempt organization counseling, and complex civil litigation services. Visit http://www.capdale.com for more information.
SOURCE Caplin & Drysdale
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