Louisiana IRS Attorney
Helping Clients Solve Complex Offshore Account Matters to Avoid Tax-Related Penalties
The Louisiana IRS attorneys at Thorn Law Group offer skilled legal 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.
What Offshore Account Holders in Louisiana Need to Know About FBAR Requirements
Do you pay taxes in Louisiana and have ownership of or signature authority over an offshore account? If so, the IRS may initiate an investigation into your assets and account disclosure history.
Louisiana taxpayers – and any U.S. taxpayers in general – who hold assets in foreign banks are required to disclose them if the aggregate value (meaning combined total) of their accounts exceeds $10,000 at any given point during a calendar year. This is not something every taxpayer realizes. Instead, many taxpayers make the common mistake of taking each account’s highest value reached independently. Unfortunately, this simple oversight can cause taxpayers to incur serious financial, civil and criminal penalties.
Because foreign account reporting requirements are extremely strict and confusing, account holders are likely to make inadvertent mistakes. However, the IRS doesn’t tend to sympathize with taxpayers who make simple errors without even having been aware of them. Instead, the agency may jump straight to sending a notice to the alleged violator, informing them that they are being investigated for tax evasion and may be subject to thousands – if not millions – of dollars in fees along with criminal charges.
Ways to Avoid Foreign Bank Account Reporting Penalties
There is no better way to avoid FBAR penalties than to take action before the IRS does. If you have offshore accounts, it is wise to consult with an experienced IRS attorney prior to the FBAR filing deadline of April 15. That way, your attorney can review your paperwork and account history and correct any errors before your report is submitted.
Managing Partner Kevin E. Thorn and the legal team at Thorn Law Group are ready to take on your case and prevent you from incurring IRS-related penalties. We will review all your documents, account information and previous returns to ensure your FBAR is filed accurately and on time. We can also assist you with amendments to previous FBARs as well as represent you in court if you are contesting IRS allegations of tax evasion or IRS financial penalties. Our tax lawyers have already saved clients millions in financial penalties and have stopped them from being charged with tax-related crimes. Let us do the same for you.
Contact a Louisiana IRS attorney at our firm today for help with any of the following offshore account-related 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
Speak With a Louisiana IRS Attorney Today to Avoid Tax-Related Penalties
Thorn Law Group understands that any tax matter can be difficult to resolve – especially those that involve the disclosure of foreign assets. We are committed to making the process as easy and quick as possible by handling all the complex paperwork involved in disclosing your offshore accounts and contesting any unmerited IRS penalties. Contact Managing Partner Kevin E. Thorn today to schedule a consultation.