Experienced Tax Attorneys


Call Us Confidentially Now: 202-349-4033


Call us confidentially now:
202-349-4033


Confidential & Experienced Tax Lawyers

Get Help Now: 202-349-4033

News & Events

IRS’s New Undisclosed Offshore Account Program Brings in Taxpayers

Posted in Press Releases on April 1, 2011 | Share

Washington, DC (PRWEB) April 1, 2011 -- The Internal Revenue Service and the Department of Justice are continuing to investigate offshore accounts by utilizing information gained through taxpayers who have come forward through the Voluntary Disclosure or Amnesty Programs. However, those who were sought by government officials and did not voluntarily disclose their offshore accounts have suffered greater civil and criminal penalties.

On March 14, 2011, the Department of Justice reported that another offshore account holder, Jeffery Chatfield, was charged for failure to file his FBARs and report his interest in his Bahamian accounts. Mr. Chatfield was sentenced to 3 years of probation. The case moved to the civil side, in which Mr. Chatfield was ordered to pay over $96,000 in FBAR penalties to resolve his civil liabilities; this does not include the delinquent income tax, interest, and accuracy penalty that was also owed. 

Kevin E. Thorn, Managing Partner of Thorn Law Group, located in Washington, DC, acknowledges that “the IRS’s 2011 Amnesty Program has been successful in encouraging taxpayers to voluntarily disclose their accounts and come into compliance. The program offers penalty-relief incentives, which taxpayers should take advantage of.”

The U.S. government is committed to bringing all U.S. taxpayers with undisclosed offshore accounts into compliance, one way or another. Current clients who have already been accepted into the Voluntary Disclosure Program have nothing to fear about these developments, as they have already started their work of coming into compliance before the threat of DOJ action was instituted.

Mr. Thorn believes, “this is the last opportunity that taxpayers with undisclosed offshore accounts will have that may allow them to potentially avoid criminal exposure.”

Undisclosed account holders should come forward before the government brings either civil audits or criminal charges against them which can result in significant financial penalties and the possibility of incarceration. Immediate action and experienced tax law representation is needed to voluntarily disclose your account in order to avoid criminal prosecution and being taken advantage of by the IRS.

For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 202-349-4033 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.

Contact:
Kevin E. Thorn, Managing Partner
Thorn Law Group, PLLC
202-349-4033
https://www.thorntaxlaw.com


Thorn Law Group

Get Trusted Help Now

Over 80 years of expertise for your complicated tax law issues.

Back to the Top

Hear What Our Clients Have To Say

"The attorneys at Thorn Law Group, PLLC have significant experience in all phases of tax controversy, fraud and tax litigation. The Managing Partner, Kevin Thorn, is incredibly personable, yet also brilliant at what he does. Kevin's depth of knowledge in tax administration and procedure provides us with valuable insight into the government's and the courts' perspectives in our case. I would definitely recommend the firm to anyone with needs in resolving any kind of tax disputes."
Stephanie Tee