Alaska IRS Attorney
Assisting Alaska Taxpayers With Complex Voluntary Disclosure Matters
The Alaska IRS attorneys at Thorn Law Group are experienced at resolving complex tax cases, including those pertaining to offshore voluntary disclosure. Turn to our firm for assistance if you have foreign accounts, foreign-held assets, foreign-sourced income or conduct business overseas. We have helped hundreds of taxpayers save millions of dollars and avoid severe civil and criminal penalties; let us do the same for you.
Taxpayers in Alaska Who Have Offshore Accounts May Be at Risk of Incurring Severe IRS Penalties if Assets Are Not Reported
Are you an Alaska taxpayer with undisclosed offshore accounts? If so, you are considered a prime candidate for an IRS investigation. Regardless of whether you are an individual or business owner, ownership, having financial interest in or being a signature authority over a foreign account drastically increases your chances of having your tax return audited by the IRS.
This is largely due to the fact that the IRS has stepped up its efforts to crack down on tax evasion, and many taxpayers fail to accurately disclose their foreign assets. Taxpayers whose aggregate offshore assets exceed $10,000 at any point during a calendar year are required to report them. The $10,000 threshold applies to the combined sum of all foreign accounts, not to the total of each account individually. This rule can be confusing for many offshore account holders, which can lead them to inadvertently omit information when filing Form 114, aka Report of Foreign Bank and Financial Accounts (FBAR). And, unfortunately, even non-willful FBAR violations can lead taxpayers to incur serious financial and even criminal penalties.
Luckily, the Offshore Voluntary Disclosure Program (OVDP) can help non-willful FBAR violators come into compliance with foreign account reporting requirements and can even save them from the more severe IRS penalties. However, the program is only an option for taxpayers whose offshore accounts have not yet been investigated by the IRS – among other stipulations. Because the OVDP and other foreign account disclosure options can be confusing, it is crucial that taxpayers seeking to disclose their offshore assets speak with an experienced IRS attorney prior to making a decision
The Benefits of Hiring an Experienced IRS Attorney
The experienced legal team at Thorn Law Group can provide you with the superior legal counsel you need to avoid financial, civil and criminal tax penalties. Led by Managing Partner Kevin E. Thorn, our firm is comprised of highly skilled, former IRS lawyers who possess unique and invaluable knowledge regarding the inner workings of the tax law system. We are committed to resolving intricate tax matters for both individuals and businesses quickly and successfully, all the while preventing our clients from suffering life-changing IRS consequences.
Turn to our Alaska IRS attorneys for assistance with:
- 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
Contact an Alaska IRS Attorney Today to Avoid Serious IRS Penalties
Thorn Law Group helps taxpayers in Alaska with undisclosed offshore account avoid serious IRS penalties. Contact Managing Partner Kevin E. Thorn today for a consultation to discuss your options.