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News and Events

Archive by Year:2019

2019 Year in Review: Dealing With Complex Federal Tax Issues in Virginia

Posted in Offshore Account Update on December 31, 2019

Another year is in the books. As 2019 comes to a close, tax season will soon be upon us, and many people will inevitably wait until the last minute to submit their federal returns to the Internal Revenue Service (IRS). Read More

Top Things to Ask a Virginia OVDP Lawyer

Posted in Offshore Account Update on November 4, 2019

For U.S. taxpayers with offshore accounts, it is wise to ensure compliance with tax reporting requirements on those accounts. The IRS is particularly aggressive regarding offshore accounts, since these accounts have historically been used for tax evasion or avoidance. And if the taxpayer has previously unreported accounts but wants to come into legal compliance, voluntary disclosures may be their best option. Read More

OVDP and Voluntary Disclosures for Virginia Residents

Posted in Offshore Account Update on September 30, 2019

Virginia residents who have not timely disclosed their foreign financial assets to the Internal Revenue Service (IRS) have one less option than they did a year ago. This is because the IRS’s Offshore Voluntary Disclosure Program (OVDP) ended on September 28, 2018. While there is a new program that has taken the place of the OVDP, this new program is different from the OVDP in many important respects. As a result, anyone needing to catch up on their foreign financial disclosures should speak with a Virginia OVDP lawyer as soon as possible.

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Should You Disclose Your Virginia Offshore Bank Account Now or Later?

Posted in News, Offshore Account Update on August 22, 2019

If you have unreported offshore bank accounts, you may be aware that you can disclose these accounts to the IRS while minimizing your penalties and criminal exposure. However, you may also be inclined to refrain from disclosing these accounts immediately. That said, the question is: Disclose now or later?

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Virginia Tax Lawyer Kevin E. Thorn Explains the Federal Tax Appeals Process

Posted in Offshore Account Update on July 23, 2019

As a U.S. taxpayer, you have the right to challenge any IRS tax bill that you believe is either unfair or inaccurate. However, any such challenge will need to comply with strict guidelines and procedures. This is not something that is advisable for the taxpayer to do on their own. Legal representation will be necessary. Read More

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