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News and Events

Category: Offshore Account Update

What are the Risks of Using the IRS’ Voluntary Disclosure Practice?

Posted in News, Offshore Account Update on July 31, 2020

The IRS’ Voluntary Disclosure Practice is a “compliance option” for U.S. taxpayers who are at risk for federal prosecution due to the commission of tax crimes and certain tax-related offenses. If you believe that you may be guilty of a federal crime, taking advantage of the Voluntary Disclosure Practice could be a good option. However, there are major risks involved in voluntarily disclosing criminal activity to the IRS; and, in order to protect yourself, you will need to rely on the advice of an experienced Maryland voluntary disclosure attorney.

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Top 10 Things to Avoid for IRS Audits of Offshore Accounts

Posted in Offshore Account Update on January 31, 2020

IRS audits of offshore accounts can lead to substantial penalties; and, if an audit reveals evidence of willful misconduct, the federal government can pursue criminal charges carrying the potential for exorbitant fines and years behind bars.

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2019 Year in Review: What Maryland Residents Need to Know About Federal Tax Law Compliance

Posted in Offshore Account Update on December 31, 2019

If you live in Maryland or own a company that does business in Maryland, you owe obligations to the Internal Revenue Service (IRS). Even if you don’t owe any tax, you still have reporting obligations, and failing to submit the necessary annual filings is one of the surest ways to draw the IRS’s ire. However, there are various other issues that can expose Maryland taxpayers to IRS scrutiny as well – and we covered many of these issues on our blog during 2019.

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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.

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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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