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Category: Offshore Account Update - Page 2

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.

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What's Next for Taxpayers With Undisclosed Foreign Assets?

Posted in News, Offshore Account Update on August 31, 2018

Any U.S. taxpayer is expected to comply with IRS rules and regulations, including in situations where a U.S. affiliated person lives abroad. There are strict rules in the United States for taxpayers who have financial accounts outside of this country, even if those taxpayers are living in a foreign jurisdiction and simply have an account in a bank where they live. Depending on the account's value, requirements may include filing an annual Report of Foreign Bank and Financial Account (FBAR). Taxpayers may also be required to disclose foreign assets by filing Form 8938 with their tax returns.

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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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Swiss Private Banks Are on the Decline

Posted in Offshore Account Update on January 31, 2018

Swiss banks had a long tradition of providing privacy and providing top quality service. This prompted wealthy individuals and businesses from throughout the world to invest their funds in Swiss banks.  However, in recent years, many Swiss banks have been forced to turn over financial information and account details on foreign investors with Swiss bank accounts.  Read More

What is the Offshore Voluntary Disclosure Program?

Posted in Offshore Account Update on March 31, 2017

Individuals who own offshore bank accounts or who have signature authority over offshore bank accounts have certain reporting requirements. When an individual with any kind of offshore accounts is required to file disclosure forms and fails to do so, civil and criminal penalties could be imposed as a result of this failure. The Offshore Voluntary Disclosure Program (OVDP) was designed to allow accountholders to come forward and admit to past failures to submit required disclosures while avoiding criminal penalties and limiting civil fines.

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