Archive by Month: July 2020

What Factors Do You Need to Consider Before Voluntarily Disclosing Information to IRS CI?

Offshore Account Update

Posted in on July 31, 2020

Under federal law, the penalties for tax evasion include six-figure fines and up to five years of federal imprisonment. Other tax-related crimes carry even greater penalties. While it is possible to avoid criminal prosecution through the Internal Revenue Service’s (IRS) Voluntary Disclosure Practice, there are several critical factors you need to consider before admitting to the commission of a federal crime. Here, New Jersey IRS voluntary disclosure lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an introduction to what you need to know.

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