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News & Events

Archive by Month: July 2014

New IRS Streamlined Filing Procedures Encourage More U.S. Taxpayers with Undisclosed Foreign Accounts to Come Forward

Press Releases

Posted in on July 28, 2014

Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses the new IRS streamlined filing procedures that have been expanded and modified to include more U.S. taxpayers with undisclosed foreign bank accounts.

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Taxpayers With Undisclosed Foreign Accounts Need to Act Now

Offshore Account Update

Posted in on July 25, 2014

If you have an undisclosed foreign account or have failed to file a Report of Foreign Bank Account and Financial Accounts Report (FBAR), you face significant civil penalties and even potential criminal prosecution. The Internal Revenue Service is dedicating more resources to investigating offshore accounts and numerous foreign banks are currently under investigation and may turn over customer information.

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Time is Running out to Limit Penalties for Undeclared Offshore Accounts

Articles/News, Featured, Offshore Account Update

Posted in on July 21, 2014

If you have an account offshore, the Report of Foreign Bank Account and Financial Accounts Report (FBAR) must be filed each year with the Internal Revenue Service to declare the account. If you have failed to file your FBAR and have not disclosed your foreign accounts, you could face penalties. You may be fined and even prosecuted for felony tax evasion and potentially sent to jail.

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Should You Participate in OVDP?

Offshore Account Update

Posted in on July 20, 2014

If you have a foreign account held offshore with more than $10,000 in it, you are required to report the account to the Internal Revenue Service. If you fail to file a Report of Foreign Bank and Financial Accounts (FBAR) form and you do not disclose the account to the IRS, you could potentially face criminal prosecution and civil penalties. 

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Failure to Disclose Offshore Accounts Could Cost U.S. Taxpayers 50% of Their Accounts’ Value: Deadline to Disclose is August 3

Press Releases

Posted in on July 15, 2014

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.

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