Colorado IRS Lawyer
Representing Colorado Taxpayers With Offshore Accounts and Assets
Thorn Law Group provides skilled and knowledgeable legal counsel to taxpayers in Colorado who have foreign accounts to disclose. We aim to reduce tax liabilities and penalties and provide assistance with FBAR filings throughout every step of the process. Turn to our firm for assistance with Foreign Bank Account Reporting (FBAR), the Foreign Account Tax Compliance Act (FATCA), the Offshore Voluntary Disclosure Program (OVDP), IRS and DOJ criminal investigations and other complex tax matters. We’ve saved taxpayers millions of dollars and prevented them from incurring severe IRS penalties. We will do the same for you.
What Taxpayers in Colorado Need to Know About Foreign Account Disclosure
Do you file taxes in Colorado? Do you also have assets held in offshore accounts? If you answered “yes” to both these questions, there’s a high chance the IRS may be investigating your accounts at this very moment.
All U.S. taxpayers who have ownership or signature authority over foreign accounts are required to report them if the aggregate value of their accounts exceeds $10,000 in a calendar year. This means that if you have more than one account, you must disclose them all if their combined value surpasses $10,000 at any point during the year. Those who fail to do so may face costly fines, or worse, civil and/or criminal penalties.
Why Taxpayers Fail to Report Offshore Assets
There are many reasons why taxpayers fail to report their offshore assets. While some purposefully choose to do so, others misunderstand the intricate reporting requirements. Unfortunately, the IRS does not discriminate between those who willfully or non-willfully neglect to report their foreign accounts. If the agency discovers that you have assets held overseas and did not disclose them, they may impose serious penalties, including hefty fines and even criminal charges.
The good news is that there are several options for offshore account holders. One option is the Offshore Voluntary Disclosure Program (OVDP). The OVDP can provide taxpayers with much-wanted relief from the more severe of IRS penalties. However, in order to qualify, taxpayers must be “non-willful” violators. In other words, taxpayers must not have intentionally or voluntarily committed the violation.
Helping You Explore All Viable Options for Offshore Account Reporting and Other Complex Tax Matters
Managing Partner Kevin E. Thorn and the IRS lawyers at Thorn Law Group use their in-depth knowledge of the tax law system to find the best possible solution for each client’s unique tax situation. We review all your tax documents, tax returns and offshore account transactions and advise you on the optimal course of action, whether it’s the OVDP or another approach.
Our firm provides superior legal services for both individual taxpayers and business owners regarding:
- 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 Colorado IRS Lawyer Today to Discuss Your Options for Voluntary Disclosure
For assistance with voluntary disclosure and other offshore account-related matters, contact Managing Partner Kevin E. Thorn today for a consultation.