Kevin Thorn believes the release of another 2,000 is highly likely. This release could have a substantial impact on U.S. Taxpayers in that there will be another lot 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 concerning offshore bank accounts to the Internal Revenue Service. Elmer has imparted to officials that the documents posess names and account details of approximately 2,000 banking clients—including prominent business people, multimillionaires, famous artists, and around 40 politicians.

Mr. Elmer has imparted to Swiss papers that the information concerning the offshore bank accounts pertains to three distinct financial institutions, including Julius Baer. Currently, Julius Baer is denying the allegations stipulated by Elmer. However, the seriousness of the information has potential ramifications that if and when such U.S. Taxpayer information is handed over 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.

Kevin Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the States and around the globe with undisclosed offshore accounts, believes, "U.S. Taxpayers have had many windows of opportunity over the last two years to come into compliance and voluntarily disclose their offshore accounts. It is highly encouraged 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 in short order to keep away from likely civil and criminal liability.