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News and Events

Archive by Year:2019

Top Things to Ask Maryland Offshore Bank Account Attorneys

Posted in Offshore Account Update on November 4, 2019

The U.S. tax laws on offshore bank accounts are complex and demanding for offshore account holders. Many taxpayers with previously undisclosed offshore accounts will want to come into compliance with tax reporting laws. Others may already be facing tax issues on their foreign accounts, such as IRS audits. Read More

Maryland Offshore Account Law – 2019 Update

Posted in Offshore Account Update on September 30, 2019

For Maryland residents with offshore holdings, keeping up with the federal reporting requirements and the options that are available for maintaining compliance can be a challenge. The Offshore Voluntary Disclosure Program (OVDP) expired in 2018, so U.S. taxpayers who own foreign financial assets must choose a different alternative in 2019. Due to the severe consequences of non-compliance, taxpayers must be extremely careful to avoid mistakes, and we encourage anyone with questions to contact Managing Partner Kevin E. Thorn and the skilled team of Maryland offshore bank account attorneys at Thorn Law Group promptly.

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Avoiding Civil Penalties for Failure to Make a Maryland Offshore Voluntary Disclosure

Posted in News, Offshore Account Update on July 31, 2019

Offshore account holders who are also U.S. taxpayers have many reporting requirements for those accounts. These offshore accountholders also face significant civil penalties for failing to make these disclosures. If these taxpayers do not avail themselves of the IRS offshore voluntary disclosure programs, they could be in severe financial trouble.

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How Maryland International Tax Attorneys Can Help With an Offshore Bank Account Audit

Posted in News, Offshore Account Update on July 23, 2019

It is perfectly legal for U.S. taxpayers to hold funds in offshore bank accounts, and there can be many advantages to doing so. Whether you are looking for asset protection from litigation or foreign investment opportunities, there are a number valid and perfectly legal reasons for maintaining foreign accounts. Nonetheless, offshore account holders need to be wary of IRS audits of those accounts.

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A Maryland Tax Attorney Provides Strategies to Beat IRS Tax Audits

Posted in News on June 26, 2019

There are few things that strike as much fear in the heart of the U.S. taxpayer as the IRS audit. A taxpayer will want to minimize the financial impact of the audit. In addition, they want to prevent the IRS from finding new items to audit.

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