New Mexico IRS Lawyer
Representing Taxpayers in New Mexico With Offshore Accounts
Thorn Law Group provides skilled legal counsel to taxpayers in New Mexico who have foreign accounts. Our New Mexico IRS lawyers can help you disclose your offshore assets, income and business ventures and reduce your tax liabilities and penalties. 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.
What New Mexico Taxpayers Should Know About Reporting Foreign Accounts
Do you file taxes in New Mexico? 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 looking into your accounts.
U.S. taxpayers with 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 if their combined value at any point during the year surpasses $10,000. Those who fail to do so may face costly fines, or worse, civil and/or criminal penalties.
There are many reasons why taxpayers fail to report foreign-held assets. While some purposefully choose to do so, others were in the dark as to the reporting requirements. Unfortunately, the IRS does not discriminate. If the agency discovers that you have offshore accounts and did not disclose them, they may come after you.
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, but in order to qualify, taxpayers must be “non-willful” violators. In other words, taxpayers must not have intentionally or voluntarily committed the violation.
We Help You Explore All Viable Tax Options
Managing Partner Kevin E. Thorn and the IRS lawyers at Thorn Law Group use in-depth knowledge of the tax law system to find the best possible solution for a client’s particular tax concerns. 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 New Mexico IRS Lawyer Today to Discuss Your Options
If you fail to disclose your offshore accounts and assets, you may be looking at paying thousands to millions in fees – often exceeding the actual value of your investments. Worse, you may be hit with civil and criminal penalties. We’re here to stop this from happening. To avoid serious IRS fines, contact Managing Partner Kevin E. Thorn today for a consultation.