IRS to End Offshore Voluntary Disclosure Program September 28th, Do Not Wait!
Former IRS Tax Attorney Kevin E. Thorn of Thorn Law Group Stresses that Stakes are High and Time is Running Out.
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. Instead, something different has been creating buzz in the international tax community: the closure of the IRS’s Offshore Voluntary Disclosure Program (“OVDP”) scheduled for September 28, 2018.
The IRS Offshore Voluntary Disclosure Program, also known as OVDP, was introduced by the IRS in 2009 as a way to compel taxpayers with offshore accounts to disclose assets. The program promises protection from criminal exposure as well as terms for resolving the nondisclosure. OVDP was initially very effective, with as many as 18,000 taxpayers disclosing offshore accounts each year. According to the IRS, since 2009 more than 56,000 IRS voluntary disclosures have been filed through the program. However, in the past few years OVDP has experienced a substantial decrease in participation. In 2017, the Offshore Voluntary Disclosure Program received only 600 disclosures. The IRS has attributed their decision to end the program now largely due to this dwindling number of participants.
This leaves taxpayers with offshore bank accounts very little time left to disclose foreign assets under OVDP. The challenge for many taxpayers is the difficulty of deciphering the confusing rhetoric of the Offshore Voluntary Disclosure Program’s parameters. Meanwhile, the stakes are incredibly high. Those with undisclosed offshore accounts face intense IRS scrutiny, massive penalties, and even potential jail time. That’s where international tax litigator and former IRS attorney Kevin E. Thorn comes in. Having already assisted hundreds of clients disclose offshore accounts since the founding of his firm, Thorn Law Group, Mr. Thorn is the go-to guy for the IRS’ Offshore Voluntary Disclosure Program. He is knowledgeable about who can qualify for OVDP and who can stand to benefit from the unique protection it offers. When asked to comment about the program, he stated, “Now that OVDP is ending, for many taxpayers this is their last opportunity to come into compliance with US tax law with some protection from the IRS. This is not an opportunity they should let pass by.”
What makes the IRS’ Offshore Voluntary Disclosure Program unique to other avenues for disclosing offshore accounts is the protection it offers from criminal prosecution. According to Thorn, “There is no other program with an IRS Form 906 that offers protection from criminal prosecution. Again, these last few months of the program are the last chance taxpayers have to obtain this protection.” Thankfully for many, under the guidance of Thorn, the attorneys at Thorn Law Group are able to offer counsel on how to deal with complicated international tax issues. Thorn stressed the importance of taking action as soon as possible due to the serious implications that withholding information about accounts overseas can have. As a former IRS attorney, Thorn has seen firsthand the intensity of IRS prosecution. In fact, being involved in this process is what inspired him to break off and start his own firm, where he would have the ability to help clients avoid this unfortunate fate. The clientele at Thorn Law Group has included an array of sophisticated individuals, including business owners, high net worth individuals, lawyers, foreign nationals, athletes, entertainers, trustees, banks, politicians, companies and high-ranking government officials. The firm services clients throughout the country and across the globe. By specializing in tax litigation, Thorn Law Group has been able to serve its array of clients in a targeted way.
While Thorn Law Group provides legal services to taxpayers with a variety of complicated tax issues, right now, Thorn is largely focused on providing direction to those affected by the closure of the Offshore Voluntary Disclosure Program. With the end of OVDP, there has been an uptake in clients asking the question; is now the right time to disclose assets overseas? No one is more qualified than litigator Kevin E. Thorn to help individuals sort through their complicated tax issues and disclose offshore accounts while avoiding penalties, potential jail, and hardship. If you have undisclosed assets overseas, it is imperative that you contact international tax attorney and managing partner of Thorn Law Group, Kevin E. Thorn as soon as possible. Time is running out to disclose funds using OVDP, so call today at 202-349-4033 or email him at email@example.com. To find out more information, visit https://www.thorntaxlaw.com.