FATCA Expected to Make a Big Impact on the IRS’s Efforts to Bring U.S. Taxpayers with Undisclosed Offshore Accounts Back into Compliance
The IRS has announced its plan to utilize FATCA in an effort to deter offshore tax evasion. Kevin E. Thorn, Managing Partner of the Thorn Law Group urges U.S. taxpayers with undisclosed offshore accounts to come forward now.
Washington, DC (PRWEB) December 13, 2012 - Internal Revenue Service (IRS) Commissioner Stephen Miller, speaking at the Institute on Current Issues in International Taxation, recently stated that in addition to the Foreign Account Tax Compliance Act (FATCA), the IRS will continue to use all of the enforcement tools available to the IRS to gather information on U.S. taxpayer’s with undisclosed offshore bank accounts, including, but not limited to, treaty requests, John Doe summonses, foreign bank account reports, and other informants.
Managing Partner of Thorn Law Group, Kevin E. Thorn, represents taxpayers with hundreds of undisclosed accounts throughout the country and around the world. Further, Mr. Thorn has many clients currently participating in the 2009, 2011 and now the 2012 IRS Amnesty Program, and states, “As recently mentioned by the IRS Commissioner, the IRS is open to adjusting the Offshore Voluntary Disclosure Program’s penalty structure to take into account those individuals who negligently evaded taxes versus those who acted intentionally. This creates a more compelling reason for U.S. taxpayers with undisclosed offshore accounts to come forward as the IRS continues to refine its penalty structure and tailor it more towards each participant’s particular situation."
Mr. Thorn further states, “The IRS has clearly indicated its intent to do everything in its power to bring an end to offshore tax evasion. The adjustment in the OVDI’s penalty structure, along with the utilization of FATCA, plays a major role in the IRS’s more recent strategy in deterring U.S. taxpayers from illegally maintaining undisclosed offshore accounts.”
Now is the time for U.S. Taxpayers with undisclosed offshore accounts to enter into the IRS’s 2012 Offshore Voluntary Disclosure Initiative before the U.S. Government brings either a civil audit and/or a criminal charge against them.
For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 202-270-7273 or visit us at https://www.thorntaxlaw.com/.
About Thorn Law Group, PLLC: Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.
Kevin E. Thorn
Managing Partner Thorn Law Group, PLLC