Wisconsin IRS Lawyer
Helping Wisconsin Taxpayers Avoid Financial and Criminal Penalties Associated With Foreign Account Disclosure Violations
Thorn Law Group provides experienced legal counsel to taxpayers in Wisconsin who have accounts or assets overseas. Our IRS lawyers are committed to helping you disclose your accounts quickly and successfully, so your risk of incurring IRS fines and penalties can be diminished or eliminated. Turn to our firm for assistance with 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.
Important Facts About Offshore Account Reporting and Voluntary Disclosure
Anyone with assets held in offshore bank accounts and who is required to pay taxes in Wisconsin must disclose their accounts if the aggregate total of said accounts goes above $10,000 at any given moment during a calendar year. Since the $10,000 threshold is based on aggregate account total, it applies to the sum of all foreign-held accounts – not for each account individually.
Failing to disclose these offshore accounts can cause taxpayers to suffer costly consequences, like exorbitant fines, along with civil and even criminal penalties. Unfortunately, taxpayers often make inadvertent mistakes when attempting to disclose their foreign accounts and assets. Below are 5 of the most common taxpayer mistakes associated with FBAR filing:
- Failing to account for the aggregate (combined) value of their foreign accounts
- Believing the $10,000 threshold only applies to the year-end value of their foreign accounts
- Obtaining account balances in foreign currencies instead of USD
- Missing FBAR filing deadlines; filing the FBAR along with a tax return
- Failing to realize that foreign account signature authorities must also file an FBAR
Created in 2009, the voluntary disclosure program can help taxpayers with previously unreported foreign accounts disclose their assets of their own accord – prior to having the IRS discover their accounts. However, the voluntary disclosure program is not for everyone. Consulting with an experienced IRS attorney can ensure the right option for your individual situation is chosen. That’s where we come in.
How Thorn Law Group Helps Taxpayers With Reporting Foreign Accounts
Managing Partner Kevin E. Thorn is a former attorney for the IRS and the United States Tax Court. With his unique experience and inside knowledge of the tax law system, Kevin E. Thorn and his legal time know exactly what options and defenses are available for each taxpayer and take the steps to ensure the most favorable outcome is attained.
Turn to a Wisconsin IRS lawyer at our firm 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 a Wisconsin IRS Lawyer Today to Get Started on Your Case
When it comes to resolving foreign account matters, time is of the essence. Waiting to take action can lead to greater IRS penalties. To avoid tax-related consequences and protect your rights, contact Managing Partner Kevin E. Thorn today to schedule a consultation.