IRS Releases New Guidance Concerning 2012 Voluntary Disclosure Program: Could be Last Chance for Reduced Penalties for Taxpayers with Undisclosed Accounts, Thorn Comments

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The Internal Revenue Service issued new guidance pursuant to the 2012 Voluntary Disclosure Program. Mr. Thorn urges U.S. taxpayers with undisclosed offshore accounts to take advantage of the Amnesty Program and come into compliance before it is too late.

The latest guidance issued by the Service comes at a crucial time with the IRS and the Department of Justice are deep in negotiations with many foreign banks.

The Internal Revenue Service (IRS) recently issued new guidance to supplement the terms of its 2012 Voluntary Disclosure Program. The guidance provided by the IRS discusses new policies that could affect U.S. persons living abroad as well as dual citizens. The 2012 Offshore Voluntary Disclosure Program presents a unique outlet for U.S. taxpayers at risk of criminal investigations to come forward and minimize their civil penalties and/or criminal exposure.    

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 in the 2009, 2011 and now 2012 IRS Amnesty Program, states, “The latest guidance issued by the Service comes at a crucial time with the IRS and the Department of Justice are deep in negotiations with many foreign banks.” Mr. Thorn continues, “This new guidance will better equip experienced tax attorneys to bring U.S. taxpayers, with undisclosed offshore accounts into compliance and such disclosure could prevent further draconian penalties.”

The U.S. government is committed to bringing all U.S. taxpayers with undisclosed offshore accounts into compliance. Mr. Thorn emphasizes that the risk of the IRS discovering a U.S. client’s undisclosed offshore accounts increases with every passing day. Mr. Thorn encourages all U.S. taxpayers with undisclosed offshore accounts to “consult with a tax controversy attorney immediately in order to assess and minimize their civil and criminal exposure throughout these ongoing investigations and to take advantage of the new 2012 IRS Amnesty 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 201-842-7696 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.

Contact:
Kevin E. Thorn
Managing Partner
Thorn Law Group, PLLC
201-842-7696
http://www.newjersey-tax-lawyer.com/

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