Rhode Island IRS Attorney

Assisting Taxpayers in Rhode Island With Offshore Voluntary Disclosure, FBAR, FATCA and Other Complex Tax Matters

Thorn Law Group is comprised of former IRS lawyers who are dedicated to assisting clients with complex tax matters. Our experienced Rhode Island IRS attorneys have successfully prevented both individuals and business owners with financial interests in or signature authority over offshore accounts from incurring severe tax-related penalties and will do the same for you.

Do You Have Assets in an Offshore Account? Here’s What You Need to Know to Avoid IRS Penalties

In an effort to reduce tax evasion and fraud, the IRS is increasingly scrutinizing U.S. taxpayers with foreign accounts. Anyone who has assets held overseas and who files taxes in Rhode Island has an obligation to disclose their offshore accounts if their aggregate value surpasses $10,000 at any given point during a calendar year.

Since aggregate (meaning combined) value is what’s to be reported, it doesn’t matter if a taxpayer has multiple offshore accounts whose respective totals never exceed $10,000 individually. What matters is the sum of assets across all accounts. Neglecting to disclose foreign accounts can cause taxpayers to suffer a range of consequences, including expensive fees, civil penalties and even imprisonment.

5 Top Mistakes in Offshore Account Reporting

Although some taxpayers willingly omit information from their FBAR forms, several inadvertently commit errors in their reports that can lead them to incur severe IRS penalties. Many taxpayers do not even realize they have made a mistake when reporting their foreign accounts. Below are the 5 top mistakes taxpayers make when disclosing their foreign account history and assets:

• Not accounting for the aggregate (combined) value of their foreign accounts
• Believing the $10,000 threshold only applies to the year-end value of their foreign accounts
• Viewing account balances in foreign currencies instead of USD
• Missing FBAR filing deadlines
• Failing to file an FBAR because they do not have an actual financial interest in the offshore account (meaning they are a signature authority)

What Thorn Law Group Can Do for You

Led by Managing Partner Kevin E. Thorn, Thorn Law Group is committed to helping taxpayers successfully disclose their offshore accounts and reduce their IRS liabilities. Our Rhode Island IRS attorneys understand the complexities surrounding FBAR regulations and will walk you through every step, reviewing your previous tax returns and current foreign account information to ensure your paperwork is accurate. We can help you file an FBAR if you just recently opened an offshore account, can assist you with filing an amended FBAR and can also help you contest IRS charges, such as allegations of tax evasion or fraud. Our attorneys will also explore which disclosure option is best for you, be it the Streamlined OVDP or another method.

Thorn Law Group is ready to assist you right now with any of the following complex tax 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

Contact a Rhode Island IRS Attorney Today

If you need help disclosing offshore accounts, turn to Thorn Law Group. Contact Managing Partner Kevin E. Thorn today to schedule a consultation.