News & Events

Kevin E. Thorn, Managing Partner of Thorn Law Group discusses the looming 50% IRS penalty for not disclosing hidden foreign bank accounts prior to August 4, 2014, and the effect that this 50% penalty may have on U.S. Taxpayer with undisclosed foreign bank accounts.

The IRS Offshore Voluntary Disclosure Program (OVDP) allows taxpayers the opportunity to come forward and disclose offshore accounts that they may not have previously reported to the Internal Revenue Service as required.  Those who come forward may avoid criminal prosecution and avoid the harsh penalties that they could otherwise face if the government discovers the account before a disclosure is made. 

Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses the new 2014 IRS Amnesty Program and the impact that the new requirements may have on U.S. taxpayers who have undisclosed overseas accounts.

A failure to file an annual Report of Foreign Bank and Financial Accounts (Form TD F 90-22.1) has significant consequences for investors with foreign bank accounts, warn Washington DC IRS lawyers. One recent case illustrated just how severe those consequences can be.