Time Is Running Out: Local Attorney Warns Window for Tax Amnesty Is Rapidly Closing

Larry Horn was interviewed by the Special Projects Editor of the New Jersey Jewish News for a story on tax amnesty for undisclosed offshore bank accounts and the crackdown by the U.S. on Israeli’s largest three banks.

According to the article, “Under a program known as the Offshore Voluntary Disclosure Initiative, clients can participate in tax amnesty.  Since 2009, more than 33,000 U.S. taxpayers have avoided prosecution by voluntarily disclosing their undeclared foreign accounts.  Any account over $10,000 is included.  Time is growing short, though, Horn says.  That’s because he expects a dozen banks worldwide … to work with the U.S. government in the next year to pay millions of dollars in fines, but more importantly, turn over names of U.S. taxpayers.  Once a name is released to the U.S. government, that taxpayer can no longer apply for tax amnesty.”  To read the full article, please click below.