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202-349-4033


Confidential & Experienced Tax Lawyers

Get Help Now: 202-349-4033

News & Events

Archive by Year:2014 - Page 2

G20 Countries Cracking Down On Tax Evasion

Offshore Account Update

Posted in on October 23, 2014

Global tax evasion has become a top focus throughout the United States and the rest of the developed nations as countries struggle with lingering budget shortages that are a holdover from the 2008 crash and following recession.  Countries are seeking to maximize their tax revenue by ensuring that people do not move money to foreign banks in order to avoid paying what is owed to the government. 

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Federal Government Pushes For Prison Time On U.S. Taxpayers With Undisclosed Offshore Accounts

Press Releases

Posted in on September 30, 2014

Kevin E.Thorn, Managing Partner of the Thorn Law Group discusses the recent effort by the Internal Revenue Service and the U.S. Department of Justice to penalize and imprison U.S. taxpayers with undisclosed offshore accounts.

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OVDP: Willful vs. Nonwillful Violators

Hot Topics, News, Offshore Account Update

Posted in on September 25, 2014

If you have any offshore financial accounts, you are required to file a Report of Foreign Bank and Financial Accounts (FBAR) to alert the Internal Revenue Service to your foreign investments. A failure to file FBARs can led to financial penalties, which in some cases have exceeded the value of the money kept in the foreign account. 

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U.S. Taxpayers With Undisclosed Overseas Accounts Still Need To Enter Into The IRS Offshore Voluntary Disclosure Program: Caution Required With New Streamlined Program

Press Releases

Posted in on September 18, 2014

Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses the importance of assessing whether the IRS’s new Streamlined Filing Compliance Procedures are right for you.

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Prison Time Could Result from Undisclosed Offshore Accounts

Featured, Hot Topics, News, Offshore Account Update

Posted in on September 16, 2014

The Internal Revenue Service and the Justice Department have been making a major effort to crack down on offshore accounts that U.S. citizens do not declare. In addition to allowing tax payers to face reduced penalties if they voluntarily report these accounts through an Offshore Voluntary Disclosure Program (OVDP), the authorities have been making deals with Swiss banks to turn over information on accounts in exchange for lesser penalties or avoiding prosecution.  

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