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202-349-4033


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Get Help Now: 202-349-4033

News & Events

Category: Offshore Account Update

UAE, Switzerland, Mauritius and Marshall Islands are Among Countries No Longer Considered Tax Havens by the European Union

Offshore Account Update

Posted in on November 4, 2019

In 2017, the European Union established a “blacklist” and a “gray list” of countries and territories which its finance ministers identified as havens for tax avoidance schemes. Blacklisted countries face stricter transactional controls than other nations, while gray list countries and territories are those that have made a demonstrated (but unmet) commitment to comply with EU standards – and that risk being blacklisted if they do not move forward with reform.Read More

A Quick Guide to FATCA Law

Offshore Account Update

Posted in on September 30, 2019

If you are a U.S. citizen or U.S. resident and you own financial assets overseas, you may be subject to reporting requirements under the Foreign Account Tax Compliance Act (FATCA). Failing to meet your FATCA reporting requirements can result in steep penalties. To find out what you need to disclose to the IRS, or to protect yourself if you are being accused of violating FATCA, you should speak with a Washington DC FATCA lawyer right away.

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Things to Look for in an FBAR Attorney

Offshore Account Update

Posted in on July 31, 2019

If a U.S. taxpayer has any offshore bank accounts, they must be familiar with the Foreign Bank Account Report (FBAR) required under U.S. tax law. And if that taxpayer has failed to file FBARs in the past, they must know how to come into FBAR compliance. This is when they must seek out a highly qualified FBAR attorney.Read More

How a Washington DC Tax Attorney Can Help You Select the Right Offshore Voluntary Disclosure Option

Offshore Account Update

Posted in on July 23, 2019

When taxpayers want to come into legal compliance on their offshore bank accounts, the IRS provides several options. These options are designed to give an incentive to taxpayers by providing them with protection against criminal prosecution and other penalties. However, choosing the appropriate option for any particular taxpayer’s situation is no easy matter.Read More

Unreported Offshore “Bad Bank” Accounts: How a Washington DC Tax Lawyer Can Help

Offshore Account Update

Posted in on June 26, 2019

With potential tax penalties and civil or criminal prosecution for failure to report accounts at foreign financial institutions, offshore account holders must be wary. The dangers could be even worse when the offshore account is at a “bad bank” – a bank designated by the IRS as helping its account holders to evade U.S. taxes.

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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."