Mr. Kevin E. Thorn believes the release of another 2,000 is highly likely. This release could have a great impact on U.S. Taxpayers in that there will be another set for the DOJ and IRS to proceed criminally and civilly against. Taxpayers not in compliance should be taking this possibility seriously and work with professionals to come into compliance if they have not already done so.

On Sunday, January 16, 2011, Reuters news verified reports that Rudolf Elmer, Bank Julius Baer’s former CEO in the Cayman Islands, will release new information in reference to offshore bank accounts to the Internal Revenue Service. Elmer has spoken to officials that the documents include names and account details of approximately 2,000 banking clients—including prominent business people, multimillionaires, famous artists, and about 40 politicians.

Mr. Elmer has spoken to Swiss papers that the information in reference to the offshore bank accounts pertains to three distinctive financial institutions, including Julius Baer. Currently, Julius Baer is denying the allegations said by Elmer. However, the seriousness of the information has potential ramifications that if and when such U.S. Taxpayer information is given to the U.S. Department of Justice and the Internal Revenue Service, both will likely institute criminal and civil investigations based on such information. Therefore, U.S. Taxpayers with accounts with Julius Bear should proactively seek to come into compliance in relation to their undisclosed offshore bank accounts.

Mr. Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout America and globally with undisclosed offshore accounts, believes, "U.S. Taxpayers have had many chances over the last two years to come into compliance and voluntarily disclose their offshore accounts. It is in their best interest for U.S. Taxpayers to come forward before the Internal Revenue Service or Department of Justice contacts them."

The U.S. Government is committed to bringing all U.S. Taxpayers with undisclosed offshore accounts into compliance, one way or another. U.S. Taxpayers who have yet to disclose their foreign bank accounts located in any offshore locations should come forward soon to stay away from probable civil and criminal liability.