According to CNBC, many Americans have begun to renounce their United States citizenship in recent months and years. One of the big reasons why so many people are giving up their citizenship and cutting ties with the United States is because of complex new tax rules.  Strict rules for retirement savings and for other types of financial accounts have made it difficult or impossible for many to comply with requirements and have imposed unnecessary costs and complexities.

If you have funds offshore that are undeclared, it is a good idea to speak with a Washington DC international tax attorney as soon as possible. The IRS has been aggressively investigating offshore accounts in an attempt to prevent tax dodging and to ensure that all funds are declared.

September 28th, 2018 will mark the end of the Internal Revenue Services’ Offshore Voluntary Disclosure Program, commonly referred to as OVDP. The Offshore Voluntary Disclosure Program, which was launched in 2009, serves as an avenue for offshore account holders to come forward with previously undisclosed foreign accounts. The aim was to promote offshore disclosure and create an easy way for participants to comply with US tax laws. By participating in OVDP, taxpayers are promised both protection from criminal exposure and a fair resolution with respect to penalties.

Managing Partner Kevin E. Thorn was recently asked by a DC news source to comment on former Trump campaign chairman Paul Manafort’s trial taking place in a federal court in Alexandria, Virginia. 

Are you a U.S. taxpayer who is thinking about opening an offshore financial account in a country outside of the United States? If you are, you are definitely not alone. There are ample reasons to open offshore accounts. You may spend time in another country and want to keep some money there; may want to have an overseas account where loved ones live; may want money outside the U.S. due to political or economic issues; or may simply want to diversify your assets so you have funds invested in a different currency in case the purchasing power of the dollar weakens.