Massachusetts IRS Lawyer
Successfully Handling Complex Offshore Account and Voluntary Disclosure Matters for Taxpayers in Massachusetts
Thorn Law is committed to assisting taxpayers in Massachusetts and need assistance with foreign account disclosure and other offshore account related matters. Turn to our IRS lawyers for help regarding 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.
The IRS Is Targeting Foreign Account Holders – You May Be Next!
The IRS is increasing its efforts to crack down on tax evasion, concentrating on U.S. taxpayers who have foreign accounts and foreign-held assets.
Massachusetts taxpayers who are also offshore account holders are required to disclose their accounts if the aggregate total of their assets surpasses $10,000 at any given point during a calendar year. Because the amount is based on aggregate (meaning combined) total instead of individual account total, taxpayers often miss this important stipulation in foreign account reporting requirements. As a result, they may suffer serious tax-related consequences, including being liable to pay thousands (if not millions) in back taxes or fees, civil penalties, and – worst of all – may even be sent to prison for a tax crime.
Thorn Law Group is committed to preventing taxpayers from incurring severe IRS penalties. Managing Partner Kevin E. Thorn is a former attorney for the IRS and U.S. Tax Court, so he is fully aware of the options and defenses available to foreign account holders. With rare and in-depth insight of the tax law system and the offshore voluntary disclosure program, our firm is uniquely poised to provide swift and favorable solutions for clients who hold assets overseas.
Turn to a Massachusetts IRS lawyer today for assistance with any of the following foreign account 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
Common Mistakes Taxpayers Make When Reporting Foreign Accounts
Disclosing foreign accounts isn’t easy; there are numerous documents that need to be filed and just one small mistake can cost you millions in IRS fines and may even lead you to incur criminal charges. Below are some of the most common mistakes taxpayers make when reporting offshore accounts and assets:
- Believing the $10,000 threshold for reporting foreign accounts applies to each account individually instead of their aggregate (combined) value
- Thinking the $10,000 threshold only applies to the value their offshore accounts at the end of the year instead of at any point during a calendar year.
- Reading account balances in foreign denominations instead of USD
- Failing to file an FBAR by the deadline or filing it along with a tax return (the FBAR should be filed by April 15, but separately and electronically through FinCEN's BSA E-Filing System)
- Believing only account owners should file an FBAR (signature authorities and anyone who has a “financial interest” in the foreign account should file an FBAR)
Contact a Massachusetts IRS Lawyer Today
For more information on our services and to explore your options regarding foreign account disclosure, contact Managing Partner Kevin E. Thorn today to schedule a consultation.