Australia IRS Lawyer
Committed to Resolving Voluntary Disclosure Matters for U.S. Taxpayers With Offshore Accounts in Australia
Thorn Law Group is committed to helping U.S. taxpayers avoid severe tax penalties due to unreported foreign accounts in Australia. Our IRS lawyers provide superior legal counsel with a range of complex tax matters, including Foreign Bank Account Reporting (FBAR), Foreign Account Tax Compliance Act (FATCA), IRS and DOJ criminal investigations, voluntary disclosure and more. We are ready and waiting to help you save money and avoid severe IRS penalties.
Do You Have Offshore Assets in Australia? Here’s What You Need to Know About Disclosure Requirements
Australia ranks among the top countries in the world for offshore banking safety. In fact, according to Global Finance’s World’s Safest Banks 2017 report, “The Land Down Under” is home to four of the most secure banks across the globe, including ANZ (25th), Commonwealth Bank of Australia (26th), Westpac (28th) and National Australia Bank (29th).
With figures like these, it’s no wonder that numerous U.S. taxpayers invest their earnings in Australian financial institutions. However, despite the safety factor, it’s important for taxpayers who have offshore accounts in Australia to understand that while safe, their assets are not necessarily private.
Australia, among several other countries, participates in the Foreign Account Tax Compliance Act (FATCA), a U.S. law that requires both foreign financial institutions to report U.S. account holder information and U.S. offshore account holders to disclose information about their foreign-held assets to the IRS. For taxpayers, this information must be reported on Form 8938 and filed along with their tax returns by the April 15 deadline.
The FATCA requires disclosure if the value of the accounts exceeds $50,000. Failing to report offshore accounts will lead U.S. taxpayers to incur a penalty of $10,000 for each year the accounts go undisclosed. However, taxpayers must also file Form 114, Report of Foreign Bank and Financial Accounts (FBAR) electronically with the Financial Crimes Enforcement Network (FinCEN) if the aggregate total of their Australian offshore accounts surpasses $10,000 in a calendar year. The penalty associated FBAR violations is equal to either $100,000 or 50% of the total value of the foreign accounts, whichever is greater.
Protecting the Rights of U.S. Taxpayers With Foreign Accounts in Australia
Led by Managing Partner Kevin E. Thorn, a former attorney for the IRS and U.S. Tax Court, Thorn Law Group is a tax law firm that focuses solely on tax-related matters. Our attorneys fully understand the complexities involved in disclosing offshore accounts and will ensure your documents are accurate and filed on time. Whether you need help disclosing new offshore accounts in Australia, amending a previous FBAR or contesting IRS charges of alleged tax evasion, trust that Thorn Law Group is on your side and will protect your rights.
Turn to an Australia IRS lawyer at our firm for assistance with any of the following matters related to offshore account disclosure:
- 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 Australia IRS Lawyer at Thorn Law Group Today
If you are a U.S. taxpayer with undisclosed offshore accounts in Australia, Thorn Law Group is ready to help you come into compliance with both FATCA and FBAR regulations. Contact Managing Partner Kevin E. Thorn today to schedule a consultation and discuss your viable options.