Failure to Disclose Offshore Accounts Could Cost U.S. Taxpayers 50% of Their Accounts’ Value: Deadli

Kevin E. Thorn, Managing Partner of Thorn Law Group discusses the looming 50% IRS penalty for not disclosing hidden foreign bank accounts prior to August 4, 2014, and the effect that this 50% penalty may have on U.S. Taxpayer with undisclosed foreign bank accounts. Washington, DC (PRWEB) July 15, 2014 The Internal Revenue Service (IRS) announced a big change to its Offshore Voluntary Disclosure Program (OVDP). Starting August 4, 2014, taxpayers who come forward in the OVDP to disclose foreign accounts at banks that are publicly known to be under criminal investigation by the will face a p
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