New Hampshire IRS Attorneys
Committed to Protecting the Rights of Taxpayers in New Hampshire Who Have Offshore Accounts
The experienced New Hampshire IRS attorneys at Thorn Law Group offer superior legal services to taxpayers across both domestic and international tax matters. If you are an individual or business and have offshore accounts, assets or earn income abroad, our firm can help you disclose your investments and reduce your risk of IRS fines and penalties. We have helped hundreds of taxpayers, from high net worth individuals to corporations to financial institutions, save millions of dollars in tax-related fees, and will help you do the same. Turn to Thorn Law Group for assistance with complex tax cases, including matters pertaining to Foreign Bank Account Reporting (FBAR), the Foreign Account Tax Compliance Act (FATCA), the Offshore Voluntary Disclosure Program (OVDP), IRS and DOJ criminal investigations, voluntary disclosure and more.
IRS Voluntary Disclosure – Is the Program Right for Me?
If you are responsible for paying taxes in New Hampshire and also have investments held in offshore accounts, you must file a Report of Foreign Bank and Financial Accounts (FBAR) if the aggregate total of your accounts exceeds $10,000 at any point in a calendar year. It doesn’t matter if one account had $2,000 and another had $8,500. The aggregate value refers to the combined amount of all your foreign accounts. This is a rule that many taxpayers overlook, with good reason because it can be very difficult to decipher the language used on offshore account disclosure laws.
Unfortunately, if a taxpayer fails to report their offshore accounts, they may incur severe IRS fines, along with civil and/or criminal charges. However, because honest mistakes can be – and often are – made when filing taxes, the IRS created the Offshore Voluntary Disclosure Program (OVDP) to encourage taxpayers to disclose foreign accounts while also allowing for reduced penalties.
Still, not everyone can qualify for the OVDP. The program is limited to taxpayers who have “unwilfully” failed to report foreign bank accounts and who are not already under investigation by the IRS. Several other criteria must be met, which is why it is vital for any taxpayer in New Hampshire with offshore accounts to consult with an experienced tax attorney.
At Thorn Law Group, we are committed to helping taxpayers avoid severe IRS penalties. Led by Managing Partner Kevin E. Thorn, our firm performs a thorough review on each client’s tax and foreign account history to determine whether the OVDP or another option is the best choice.
Turn to our tax lawyers for assistance with voluntary disclosure and other tax matters, including:
- Foreign Account Tax Compliance Act (FATCA)
- Foreign Bank Account Reporting (FBAR)
- International Tax Controversies and Disputes
- IRS and DOJ Investigations and Litigation
- Offshore Voluntary Disclosure
- Undisclosed Foreign Accounts
Discuss Your Best Options for Foreign Account Disclosure With Our New Hampshire IRS Attorneys
If you have questions about the OVDP or would like to learn more about your options for reporting previously undisclosed offshore accounts, Thorn Law Group can help. Contact Managing Partner Kevin E. Thorn today to schedule a confidential consultation.