Kevin E. Thorn Helps Indian Family Through Arduous IRS Voluntary Disclosure
Managing Partner Kevin E. Thorn successfully assisted an Indian family execute an IRS voluntary disclosure and overcome disagreements about whether or not to disclose Non-Resident and Resident Accounts to the Internal Revenue Service (“IRS”). The family came to the firm with multiple bank accounts in India. Mr. Thorn carefully guided the family through the IRS Offshore Voluntary Disclosure Program, bringing them into compliance with US tax law with a voluntary disclosure. All the foreign accounts were reported to the IRS, and then was able to obtain a 50% reduction in penalties, saving the family hundreds of thousands of dollars.