Offshore Bank Accounts Lawyer
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 offshore accounts. Some of our clients may have inherited the funds from relatives. Others may be hedging their investments in foreign currencies as part of an overall investment strategy, and still others may have established the accounts to protect their family’s assets while fleeing from repressive regimes abroad.
Regardless of the reason these funds are being held overseas, taxpayers must disclose the existence of such accounts, and report any income derived from them to the Internal Revenue Service. The IRS has made cracking down on offshore tax evasion a top enforcement priority. Pressure can only be expected to increase on U.S. taxpayers with undisclosed foreign bank accounts. A Voluntary Disclosure provides U.S. taxpayers with previously undisclosed offshore accounts a way to avoid the harshest penalties and potential criminal prosecution.
Thorn Law Group can help you with latest IRS Offshore Account Amnesty Program
On January 9, 2012, the IRS introduced the reopening of its Offshore Voluntary Disclosure Program for Undisclosed Offshore Accounts.
The basic terms of the program are:
- A 27.5 percent penalty on the taxpayers’ undisclosed offshore accounts with the highest aggregate account balance over an eight-year period. Some exceptions apply, however, which allow disclosing taxpayers to pay a lower penalty.
- Participants must pay back taxes and interest for up to eight years as well as accuracy related and/or delinquency penalties.
- Participants must file all original and amended tax returns and include payments for taxes, interest and accuracy related penalties.
Thorn Law Group currently represents numerous individuals, trusts and companies, helping them to navigate the intricacies of the IRS Amnesty Program and the Voluntary Disclosure of their offshore accounts.
To take advantage of this rare opportunity and to potentially avoid substantial civil and criminal penalties, contact Kevin E. Thorn, Managing partner at Thorn Law Group today at firstname.lastname@example.org or at 202 349-4-33.
This is an area of ongoing activity by the IRS and the Department of Justice. Check out the Blog and the News & Events page for the latest developments regarding offshore accounts.