Iowa IRS Lawyer
Successfully Resolving Complex Tax Matters for Foreign Account Holders in Iowa
The IRS lawyers at Thorn Law Group are dedicated to helping taxpayers in Iowa with offshore account disclosure matters and other complex tax cases. Turn to our firm for help with 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.
Foreign Account Disclosure Requirements
It’s no secret that the IRS has been cracking down on offshore account holders more than ever before. Anyone with assets held in offshore bank accounts and who has a duty to pay taxes in Iowa must disclose their accounts if the aggregate total goes above $10,000 at any time in a calendar year. Since the amount is based on aggregate value, it applies to the sum of all foreign-held accounts – not the sum of each individual account. Failing to report overseas accounts can cause you to incur serious penalties, including exorbitant fines and criminal charges.
Still, mistakes can – and do – happen. Because of this, the IRS created the Offshore Voluntary Disclosure Program (OVDP) to encourage taxpayers to come forward and disclose their foreign accounts with reduced penalties. However, not all taxpayers qualify for the OVDP. The program is limited to taxpayers who have “unwilfully” failed to report foreign bank accounts and who are not already under investigation by the IRS – among several other criteria. Anyone considering the OVDP or reporting foreign accounts in general can benefit from consulting an experienced tax attorney.
At Thorn Law Group, we are dedicated to assisting taxpayers who have offshore accounts avoid severe IRS penalties. Led by Managing Partner Kevin E. Thorn, a former IRS attorney and lawyer for the U.S. Tax Court, our firm will explore every option for disclosure to ensure the best solution is attained for our clients.
Skilled at Resolving Complex Foreign Account Tax Matters
Whether you are need help coming into compliance with FBAR regulations or to dispute IRS allegations of tax evasion, Thorn Law Group will work diligently to resolve your case as quickly and favorably as possible.
Turn to an Iowa IRS lawyer at our firm for assistance resolving complex tax matters involving:
- 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 an Experienced Iowa IRS Lawyer Today
If you are a taxpayer in Iowa and have undisclosed foreign accounts, the IRS may already be looking into your tax returns and offshore assets. If they discover that you have assets that were not disclosed or underreported, they may penalize you with hefty fines and even criminal charges. We can help you avoid those penalties. Contact Managing Partner Kevin E. Thorn today for a consultation to discuss your options.