News & Events

Thorn Law Group's Managing Partner, Kevin E. Thorn, urges taxpayers with undisclosed foreign accounts to come forward now to take advantage of the IRS settlement offer.

IRS Commissioner Douglas Schulman announced that the September 23 deadline for U.S. taxpayers with undisclosed foreign bank accounts to come forward and participate in the Offshore Account Settlement Initiative will not be extended.  Thus, U.S. taxpayers with accounts in foreign banks have just three weeks to make a voluntary disclosure of their accounts to the IRS or risk facing increased monetary penalties and potential criminal prosecution.

Thorn Law Group is counseling U.S. taxpayers on how to disclose their foreign accounts so as to, hopefully, avoid prosecution.

I have received numerous e-mails and calls concerning whether or not CPAs, Accountants and Enrolled Agents should be retaining counsel and using Kovel letters with Offshore Voluntary Disclosures of Undisclosed Foreign Bank Accounts.

The U.S. and Swiss governments have reportedly reached a deal in the on-going UBS litigation saga.  The governments are expected to finalize the details and for the district court of Friday, August 7.  However, sources close to the negotiations say the details of the settlement are unlikely to be released to the public the same day.