How Can a Washington D.C. Tax Attorney Help You Voluntarily Disclose Offshore Assets to the IRS?

Posted in Offshore Account Update on September 30, 2020 | Share

Under federal law, U.S. taxpayers have an obligation to report their offshore assets and income to the IRS. Failure to report offshore assets and income can lead to substantial penalties—and possibly even to criminal prosecution of the Internal Revenue Service (IRS) determines that you have willfully withheld information about your foreign holdings or revenue sources in order to evade federal income tax liability. The IRS’ Voluntary Disclosure Practice provides taxpayers with the opportunity to mitigate the consequences of untimely disclosure, but making mistakes when attempting to take advantage of the program can lead to undesirable consequences as well.

3 Real-Life Examples of Successful IRS Voluntary Offshore Disclosures

As a result, when seeking to utilize the IRS’ Voluntary Disclosure Practice, it is essential to work with an experienced Washington D.C. tax attorney. Not only can an experienced tax attorney help ensure that you meet the requirements for protection under the Voluntary Disclosure Practice, but your attorney will also be able to deal with the IRS on your behalf and minimize your liability to the fullest extent possible. Here are some examples of some recent cases in which we have helped our clients avoid massive penalties—and criminal prosecution in some cases—when voluntarily disclosing their offshore assets and income to the IRS:

1. Italian Athlete and Coach Avoid Criminal Prosecution and Substantial Penalties Through Voluntary Disclosure

Kevin E. Thorn, Managing Partner of Thorn Law Group, represented an Italian athlete and coach with respect to voluntarily disclosing their offshore bank accounts to the IRS. The athlete and coach had multiple offshore accounts throughout Europe and in the Islands that were subject to disclosure. By guiding his clients through the IRS’ Offshore Voluntary Disclosure Practice (OVDP) – a predecessor to the IRS’ current voluntary disclosure programs, Mr. Thorn was able to protect them against criminal prosecution for tax fraud and the substantial penalties that come with a federal tax fraud conviction.

2. Couple Avoid More than $1.2 Million in Penalties for Untimely Disclosure of Offshore Accounts

Mr. Thorn represented a husband and wife who had more than 35 offshore accounts throughout the Middle East, Africa and Europe that they had not timely disclosed to the IRS. The IRS determined that the couple’s non-disclosure was willful; and, as a result, it sought to impose a penalty of more than $1.8 million. Mr. Thorn was able to convince the IRS that the couple’s non-disclosure was non-willful and secured a reduced penalty of $600,000.

3. Company with Offshore Accounts Saves Millions in Disclosure Penalties with Help of Thorn Law Group

Mr. Thorn represented an international business with multiple undisclosed offshore accounts in the Bahamas, Turks, and Caicos, and other jurisdictions. With millions of dollars in penalties at stake, Mr. Thorn helped the company come into compliance and negotiated with the IRS on the company’s behalf. As a result of these negotiations, the company was able to avoid substantial liability to the IRS.

Visit our Offshore Voluntary Disclosure Case Results for more examples.

Contact Washington D.C. Tax Attorney Kevin E. Thorn, Managing Partner of Thorn Law Group

Do you have offshore accounts that you have not disclosed to the IRS? If so, it will be important for you to speak with an experienced tax attorney before utilizing the IRS’ Voluntary Disclosure Practice. To discuss your situation with Kevin E. Thorn, Managing Partner of Thorn Law Group, in confidence, call 202-349-4033, email or request an appointment online now.

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