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News & Events

Archive by Year:2017

What is an FBAR?

Offshore Account Update

Posted in on April 28, 2017

FBAR stands for Report of Foreign Bank and Financial Account. It is one of the most important forms that offshore accountholders must file with the Financial Crimes Enforcement Network. It must be filed in order to avoid very substantial financial losses. Civil penalties imposed for failure to file FBARs have, in some cases, exceeded the value of offshore account balances. There is also the potential for criminal charges for failure to file.Read More

How Do I File an FBAR?

Offshore Account Update

Posted in on March 31, 2017

If you have any financial interest in offshore bank accounts, or if you have signatory authority on any foreign bank accounts, you are required to file a Report of Foreign Bank and Financial Accounts (FBAR).  You must file this form for bank accounts, brokerage accounts, mutual funds, and most other types of foreign accounts.   The annual filing date for FBARs is April 15, and the maximum extension of the filing deadline is six-months, according to the IRS.Read More

The Swiss Bank Program is Coming to an End

Offshore Account Update

Posted in on February 24, 2017

Switzerland was once a haven for investors who wanted to have a safe place to keep their money offshore. This has not been the case for a long time. Many offshore investors have had their account information turned over to the IRS. Still others have worked with a Washington DC tax law firm to participate in voluntary disclosure of offshore funds before taxing authorities came after them for failure to declare their accounts in required annual disclosures (FBARs).

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Swiss Expect Deal With U.S. For Automatic Exchange of Bank Data

Offshore Account Update

Posted in on January 20, 2017

United States taxing authorities have been working to obtain information from Swiss banks about U.S. accountholders so that the IRS and Department of Justice can take action when U.S.-affiliated individuals have undeclared Swiss bank accounts.

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"Mr. Thorn and the attorneys at Thorn Law Group were so knowledgeable about the IRS Voluntary Disclosure Program and about the way the IRS Criminal Investigation Division works. Mr. Thorn helped put my mind at ease and walked me through the whole Voluntary Disclosure process. With the help of Thorn Law Group, and Mr. Thorn specifically, we were able to get back into compliance and were able to avoid criminal prosecution."