Indiana IRS Attorney
Helping Indiana Taxpayers With Offshore Voluntary Disclosure, FBAR, FATCA and Other Complex Tax Matters
Thorn Law Group is comprised of former IRS lawyers who are dedicated to assisting clients with complex tax matters. Our experienced Indiana IRS attorneys have successfully prevented both individuals and business owners with ownership of or signature authority over offshore accounts from incurring severe tax-related penalties and will do the same for you.
Do You Have Accounts Overseas? Here’s What You Need to Know to Avoid Incurring IRS Penalties
As part of an increasing effort to reduce tax evasion and fraud, the IRS has been steadily stepping up tactics to investigate U.S. taxpayers with foreign accounts. Anyone who has accounts overseas and who files taxes in Indiana has an obligation to disclose their offshore accounts if the aggregate (combined) value of their accounts surpasses $10,000 at any given point during a calendar year.
Since the combined account total is what is required to be reported, it doesn’t matter if a taxpayer has multiple offshore accounts whose respective totals never exceed $10,000 individually. What matters is the sum of the taxpayer’s assets across all accounts. Neglecting to disclose foreign accounts can cause taxpayers to suffer a range of consequences, including expensive fees, civil penalties and even imprisonment.
Top Factors That Can Lead to Offshore Account Reporting Errors
While there are taxpayers purposefully omit information from their FBARs, many others unknowingly make errors while reporting their foreign accounts. Unfortunately, even non-willful mistakes can cause taxpayers to suffer serious financial penalties and criminal charges. Below are the top factors that can lead to errors when disclosing offshore account information.
- Failing to account for the aggregate (combined) value of all foreign accounts
- Checking accounts to see if they surpass the $10,000 threshold at year’s end instead of reviewing accounts throughout the calendar year
- Checking account balances in foreign currencies instead of USD
- Missing FBAR filing deadlines or failing to file electronically with the U.S. Department via FinCEN's BSA E-Filing System
- Neglecting to file an FBAR in general as a signature authority over an account due to the misconception that only account owners should report offshore assets
How Thorn Law Group Can Assist You
Led by Managing Partner Kevin E. Thorn, Thorn Law Group is committed to helping taxpayers successfully disclose their offshore accounts and reduce their IRS liabilities. Our Indiana IRS attorneys understand the complexities surrounding FBAR regulations and will walk you through every step, reviewing your previous tax returns and current foreign account information to ensure your paperwork is accurate. We can help you file an FBAR if you just recently opened an offshore account, can assist you with filing an amended FBAR and can also help you contest IRS charges, such as allegations of tax evasion or fraud. Our attorneys will also explore which disclosure option is best for you, be it the Streamlined OVDP or another method.
Thorn Law Group is ready to assist you right now with any of the following complex tax matters:
- 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 Indiana IRS Attorney Today
If you need help disclosing offshore accounts, turn to Thorn Law Group. Contact Managing Partner Kevin E. Thorn today to schedule a consultation.