News and Events

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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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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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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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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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