News & Events

The IRS Offshore Voluntary Disclosure Program (OVDP) is geared towards helping taxpayers come into compliance with U.S. tax laws. 

Situated in Washington DC, just blocks away from the Internal Revenue Service’s (“IRS”) headquarters, is a premier international tax litigation firm, Thorn Law Group. Founded by Managing Partner Kevin E. Thorn, the firm is currently experiencing one of its busiest times of this year. Surprisingly, this year’s biggest surge in business did not come during tax season.

September 28th, 2018 will mark the end of the Internal Revenue Services’ Offshore Voluntary Disclosure Program, commonly referred to as OVDP. The Offshore Voluntary Disclosure Program, which was launched in 2009, serves as an avenue for offshore account holders to come forward with previously undisclosed foreign accounts. The aim was to promote offshore disclosure and create an easy way for participants to comply with US tax laws. By participating in OVDP, taxpayers are promised both protection from criminal exposure and a fair resolution with respect to penalties.

Managing Partner Kevin E. Thorn was recently asked by a DC news source to comment on former Trump campaign chairman Paul Manafort’s trial taking place in a federal court in Alexandria, Virginia. 

Are you a U.S. taxpayer who is thinking about opening an offshore financial account in a country outside of the United States? If you are, you are definitely not alone. There are ample reasons to open offshore accounts. You may spend time in another country and want to keep some money there; may want to have an overseas account where loved ones live; may want money outside the U.S. due to political or economic issues; or may simply want to diversify your assets so you have funds invested in a different currency in case the purchasing power of the dollar weakens.