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Offshore Accounts

 

Contrary to current popular belief, it is not illegal to have foreign bank accounts.  In fact, there are many legitimate reasons for U.S. taxpayers to maintain foreign accounts.

Although, it is clear that offshore tax evasion remains a top enforcement priority for the IRS and the IRS will continue to step up pressure on U.S. taxpayers with undisclosed offshore accounts.   A Voluntary Disclosure provides U.S. taxpayers with previously undisclosed offshore accounts a way to avoid the harshest penalties and potential criminal prosecution.

Taxpayers who missed the deadline for the Internal Revenue Service (IRS) Offshore Settlement Initiative Voluntary Disclosure Program can still file a traditional Voluntary Disclosure under the IRS’s normal filing procedures and may still be able to obtain reduced penalties.

At Thorn Law Group, we specialize in helping taxpayers come into and remain in compliance with all issues related to their offshore accounts.

We can also represent you in offshore and foreign account cases involving:

This is an area of ongoing activity by the IRS and the Department of Justice.  Check the ThornBlog and News & Events for the latest developments.

If you would like to speak with an experienced tax attorney to discuss your options concerning undisclosed offshore accounts, voluntary disclosures, Internal Revenue Service investigations, or reporting requirements, contact Kevin E. Thorn, Managing Partner at ket@thorntaxlaw.com or 202-349-4033.