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News & Events

Category: Articles & Publications - Page 3

IRS To Target Employers With Tax Audits: Know Your Rights!

Articles & Publications

Posted in on December 3, 2009

The IRS initiated a new National Research Program Initiative in November 2009 simply known as the Initiative: an industry wide detailed audit of employment taxes for 6,000 randomly selected businesses for the duration of the next three years. The intent of the Initiative has two aspects: ONE: assess systemic employment tax compliance; and TWO: collect assessments from delinquent employers.

 

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Next Step after UBS: IRS Moves onto using Civil Information Document Requests for Undisclosed Offshore Accounts

Articles & Publications

Posted in on November 30, 2009

In the wake of the Internal Revenue Service (IRS) Offshore Settlement Initiative Voluntary Disclosure Program and UBS AG investigation, there will likely be a surge in IRS Information Document Requests focusing on offshore bank accounts.  Offshore tax evasion remains a top enforcement priority for the IRS, which will continue to step up pressure on U.S. taxpayers with undisclosed offshore accounts.  The Information Document Request will be the next step in the IRS’s enforcement strategy. 

 

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Missed the IRS Offshore Settlement Initiative Deadline? U.S. Taxpayers Can Still File a Voluntary Disclosure

Articles & Publications

Posted in on November 23, 2009

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 strictures.  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.  Voluntary disclosure provides U.S. taxpayers with previously undisclosed offshore accounts a way to avoid the harshest penalties and potential criminal prosecution.

 

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Nearly 15,000 Americans admit offshore tax cheating

Articles & Publications, News

Posted in on November 18, 2009

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IRS Releases Results of UBS Settlement

Articles & Publications

Posted in on November 17, 2009

On Tuesday, November 17, 2009, the Internal Revenue Service (IRS) and U.S. Department of Justice (DOJ) released information on the highly-publicized Settlement reached with Swiss banking giant UBS AG (UBS). According to recently released information, over 14,700 U.S. taxpayers agreed to participate in the Offshore Settlement Initiative Voluntary Disclosure Program, instituted as a way for taxpayers to disclose and avoid the harshest penalties.  Further, the IRS has disclosed the criteria set forth in the “John Does” Settlement that has led UBS to turnover thousands of U.S. taxpayer clients.  The criteria serves as a guide to future investigations as the IRS and DOJ continue to investigate and prosecute U.S. taxpayers who fail to disclose their offshore assets to the U.S. government.

 

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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."