Texas IRS Attorney

Helping Clients Solve Complex Foreign Account Matters and Avoid Tax-Related Penalties

The Texas IRS attorneys at Thorn Law Group offer skilled legal assistance with complex tax cases, including matters pertaining to 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.

What Offshore Account Holders in Texas Need to Know

If you pay taxes in Texas and have ownership or signature authority on an offshore account, be warned, the IRS may be coming after you. U.S. taxpayers who hold assets in foreign banks are required to disclose them if the aggregate value (meaning combined total) of their accounts exceeds $10,000 at any given moment in a calendar year. Not every taxpayer realizes that they must pay attention to the combined total of their accounts, and instead, figure that if the $10,000 mark is never reached, they don’t have to worry about reporting their assets. This is a common oversight among taxpayers, and one which can lead to serious financial, civil and criminal IRS penalties if not careful.

Because offshore account reporting requirements are so strict – not to mention complex and confusing – foreign account holders can make numerous inadvertent mistakes. Some completely fail to disclose their overseas assets while others may unwittingly underreport their value. Unfortunately, the IRS doesn’t always sympathize with taxpayers who make simple errors without even having been aware of them. Instead, the agency may jump straight to sending a notice to the alleged violator, informing them that they are being investigated for tax evasion and may be subject to thousands – if not millions – of dollars in fees along with criminal charges.

How to Avoid Offshore Account Tax Penalties

The best way to avoid getting hit with these severe IRS penalties is to speak with an experienced IRS attorney. Kevin E. Thorn, Managing Partner at Thorn Law Group, and his legal team are committed to protecting taxpayer rights. Naturally, preventing clients from incurring tax-related penalties in the first place is our goal. However, if you have already received an IRS notice regarding your offshore accounts, we will not hesitate to help you contest the allegations against you. We have already saved clients millions in financial penalties related to foreign account disclosure and have stopped them from being charged with tax-related crimes. Let us do the same for you.

Consult a Texas IRS attorney at our firm today for assistance with any of the following offshore account-related 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

Speak With a Texas IRS Attorney Today to Avoid Tax-Related Penalties

Thorn Law Group understands that any tax matter can be difficult to resolve – especially those that involve the disclosure of foreign assets. We are committed to making the process as easy and quick as possible by handling all the complex paperwork involved in disclosing your offshore accounts and contesting any unmerited IRS penalties. Contact Managing Partner Kevin E. Thorn today to schedule a consultation.