(PRWEB) June 10, 2011
The IRS’s revamped amnesty program has recently released information relating to the treatment of U.S. taxpayers with undisclosed offshore accounts. The 2011 Offshore Voluntary Disclosure Initiative (“OVDI”) provides for structured penalties without criminal exposure but only if the taxpayer comes forward. Submission to the IRS’s 2011 OVDI Program ends August 31, 2011. The OVDI provides the benefit of amnesty along with uniform civil penalties to all taxpayers that come forward.
Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the U.S. and around the world with undisclosed offshore accounts states,
“I have seen an increase over the last few months in taxpayers coming forward and entering into the IRS 2011 OVDI Program with undisclosed foreign accounts. And there is no guarantee that another amnesty program will be initiated by the IRS.” Mr. Thorn continues, “it is in the taxpayers’ best interest to come forward now and to come into compliance on their own with the help of a professional tax controversy lawyer.”
At a conference in Washington, DC on June 7, 2011, Steven Miller, Deputy Commissioner for Services and Enforcement stated, “the IRS plans to move against one or more international banks in the next month or so.” As a result of this further action, Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore bank accounts to “contact a tax controversy attorney immediately in order to assess and possibly minimize their civil and criminal exposure by possibly entering into the current IRS Voluntary Disclosure Program.”
For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 202-270-7273 or visit us at http://www.newjersey-tax-lawyer.com.
About Thorn Law Group, PLLC:
Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.
Kevin E. Thorn, Managing Partner
Thorn Law Group, PLLC