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News and Events

Category: Offshore Account Update

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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Why End OVDP? A Former IRS Attorney Provides His Perspective

Posted in News, Offshore Account Update on August 13, 2018

The official end of the IRS’ Offshore Voluntary Disclosure Program may have come as a shock to many with undisclosed bank accounts overseas. Those with undisclosed assets are at risk of IRS prosecution, severe audits, massive penalties and even jail time. If you have undisclosed offshore accounts, it is imperative that you speak with Maryland tax attorney Kevin E. Thorn to discuss your options. As a former IRS attorney, the closure of the OVDP is not very surprising at all. In fact, there are a number of reasons why this closure actually seems to be in the best interest of the IRS. Read More

Managing Partner Kevin E. Thorn - 5 Things You Should Know From the Paul Manafort Trial

Posted in News, Offshore Account Update on August 2, 2018

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.

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How is Money Laundering Used for Tax Fraud?

Posted in Offshore Account Update on July 30, 2018

Tax fraud takes many different forms, but the main goal of tax fraud is to dishonestly avoid paying the taxes that are due.

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