Offshore Bank Accounts
Resolving Offshore Bank Account Issues
The DC tax attorneys at Thorn Law Group have developed a nationwide practice guiding individuals, banks, trusts, foundations and other organizations through the processes involved in managing and disclosing offshore bank accounts. Each Washington, DC tax lawyer at our firm has a thorough understanding of the rapidly developing laws and regulations governing overseas bank accounts. We also have extensive knowledge of the procedures and methods used by the U.S government to monitor and investigate offshore accounts. Our attorneys work closely with clients to identify and resolve potential legal issues in advance in order to bring their offshore bank accounts into compliance with government regulations.
IRS Crack-Down on Offshore Tax Evasion
The IRS has made cracking down on offshore tax evasion a top enforcement priority and compliance pressure for U.S. taxpayers with offshore accounts is only going to increase. Under the IRS’ Foreign Bank and Financial Accounts Program (FBAR), “each United States person who has a financial interest in or signature or other authority over any foreign financial accounts, including bank, securities, or other type of financial accounts, in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year” must disclose the existence of such accounts, and report any income derived from them to the Internal Revenue Service. Taxpayers who fail to file the FBAR (Form 90-22.1) and report their offshore accounts can face serious civil and criminal penalties, including fines, probation and prison sentences.
The tax law team at Thorn Law Group counsels clients across the nation facing IRS investigations and possible charges for tax evasion involving their offshore bank accounts. Each Washington, DC tax attorney at our firm has developed a track record of success for resolving offshore bank account investigations and evasion charges as quickly as possible, while minimizing the consequences for our clients.
Voluntary Disclosure Programs
In 2009 and 2011, the IRS established Offshore Voluntary Disclosure Programs which offered reduced civil monetary penalties for taxpayers coming forward with unreported offshore accounts, ensuring that taxpayers would not face the FBAR criminal penalties. While both of these programs have expired, their huge success led to the IRS announcing the creation of a new Offshore Account Amnesty Program in 2012.
The attorneys at Thorn Law Group have extensive experience counseling clients through the voluntary disclosure process. The IRS’ 2012 program provides U.S. taxpayers with previously undisclosed offshore accounts a way to avoid the harshest penalties and potential criminal prosecution. In order to participate in this program, the U.S. taxpayer must comply with strict requirements including paying penalties, back taxes and interest on the offshore account.
Our firm currently represents numerous individuals, trusts, estates and companies participating in the IRS Voluntary Disclosure Program. Every Washington, DC tax lawyer at our firm has an in-depth understanding of how this program operates and uses this knowledge to help navigate clients through the voluntary disclosure of their offshore accounts and other foreign assets.
Nationwide Practice Handling Offshore Bank Account and International Tax Issues
At Thorn Law Group, each Washington, DC tax lawyer is committed to working with our clients to develop the best strategies and solutions to resolve tax issues arising out of offshore bank accounts. As lawyers, we understand the laws, options and defenses available to obtain the best results. We use our knowledge and experience to develop the most effective plans for bringing our clients into tax reporting compliance. Our attorneys counsel and represent clients across the United States regarding a broad range of offshore bank account and other international tax issues, including: