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News & Events

Archive by Year:2014 - Page 3

Beware Of Letters From Your Foreign Bank Seeking Information On Your U.S. Residency

Press Releases

Posted in on August 28, 2014

Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses the recent onslaught of U.S. taxpayers with foreign bank accounts who are receiving letters from their foreign banks in order requiring the account holders provide the bank with information about their U.S. connections.

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Tradition of Secrecy in Swiss Banks Threatened by Disclosure Requirements

News, Offshore Account Update

Posted in on August 26, 2014

Strict privacy laws have made banking an essential pillar of the Swiss economy. However, new treaties designed to prevent tax cheating through the use of offshore accounts are threatening the tradition of secrecy in Swiss banks. This has created upheaval within the industry. It is also raising concerns among U.S. taxpayers that money kept in offshore Swiss accounts may not be as safe, or as secret, as it used to be.  


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Too Many Taxpayers Not Benefitting from Streamlined Amnesty

News, Offshore Account Update

Posted in on August 19, 2014

Offshore voluntary disclosure programs (OVDP) make it possible to report offshore accounts to the Internal Revenue Service that you should have reported on in the past and didn’t. OVDP allows you to alert the IRS that you did not file the required Report of Foreign Bank and Financial Accounts (FBAR) that you must file each year. Streamlined OVDP procedures limit the penalties that you face for a failure to file the required forms, and also provide amnesty so you will not have to worry about criminal prosecution.  

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New IRS Streamlined Filing Procedures Encourage More U.S. Taxpayers with Undisclosed Foreign Accounts to Come Forward

Press Releases

Posted in on July 28, 2014

Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses the new IRS streamlined filing procedures that have been expanded and modified to include more U.S. taxpayers with undisclosed foreign bank accounts.

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Time is Running out to Limit Penalties for Undeclared Offshore Accounts

Featured, News, Offshore Account Update

Posted in on July 21, 2014

If you have an account offshore, the Report of Foreign Bank Account and Financial Accounts Report (FBAR) must be filed each year with the Internal Revenue Service to declare the account. If you have failed to file your FBAR and have not disclosed your foreign accounts, you could face penalties. You may be fined and even prosecuted for felony tax evasion and potentially sent to jail. 

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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."
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