News & Events

Kevin E. Thorn will be a panelist at the William & Mary Tax Conference this November in Virginia.  Mr. Thorn will participate with the Deputy Director of the IRS’s Office of Professional Responsibility, Carolyn Gray.

As anticipated, undisclosed government sources have confirmed that the IRS is extending the deadline for U.S. taxpayers with undisclosed foreign bank accounts to come forward and participate in the special voluntary disclosure settlement initiative.

With the October 15, 2009 Offshore Account Voluntary Disclosure deadline fast approaching, proper reporting of foreign corporate interests and dividend disclosures has become a top IRS priority. Notably, the IRS has stepped up pressure on U.S. taxpayers to come forward and correct all failures to properly disclose their ownership interest in foreign corporations.  It’s not just a failure to file a Form TD F 90-22.1 – Report of Foreign Bank and Financial Accounts (FBARs) – that can get taxpayers in trouble.  Taxpayers are also required to disclose ownership, acquisitions and dispositions of foreign corporate stock on a Form 5471 – Information Return of U.S. Persons with Respect to Certain Foreign Corporations. 

Kevin E. Thorn will be giving the UBS Offshore Account Update on Voluntary Disclosures at the upcoming ABA Tax Section, Civil & Criminal Penalties Committee Meeting in Chicago.

"The IRS on September 21 announced it is extending by several weeks - from September 23 until October 15 - the filing deadline for taxpayers with offshore accounts who want to take advantage of the Service's special voluntary disclosure program."