Puerto Rico Tax Lawyer
SUCCESSFULLY NAVIGATING COMPLEX TAX MATTERS FOR CLIENTS WITH FOREIGN ACCOUNTS, INCOME OR BUSINESSES IN PUERTO RICO
Thorn Law Group offers superior legal tax services to domestic and international. If you have foreign accounts, earn income or conduct business transactions in Puerto Rico, we can help protect your rights. Turn to our Puerto Rico tax lawyers for assistance with Foreign Bank Account Reporting (FBAR), international tax planning, Foreign Accounts Tax Compliance Act (FATCA), IRS case litigation, criminal tax investigations, collections and other tax controversies.
WHAT YOU NEED TO KNOW ABOUT PUERTO RICO’S FOREIGN BANKS
Individuals and businesses from around the world turn to Puerto Rico when looking for foreign banks to hold their assets and earnings. And, from the looks of it, that number may be increasing.
According to a 2017 Bloomberg report, several International Financial Entities (private international bankers) have been created as part of a 2012 Puerto Rican law. As of August 2017, 44 IFEs are operating in Puerto Rico. Part of the IFEs’ appeal is their discretion: these financial institutions allow non-U.S. individuals to invest anonymously. The IFEs are not subject to the Common Reporting Standard, which allows jurisdictions to exchange information from their financial institutions with one another to combat tax evasion, because the United States is not a participating country. However, because Puerto Rico is a U.S. territory, IFEs must comply with the Foreign Account Tax Compliance Act (FATCA), which requires foreign banks to report accounts held by U.S. taxpayers as well as requires taxpayers themselves to disclose their assets if the value of said assets exceeds $50,000.
Because the IRS has increased its efforts to crack down on foreign account tax evasion, it is imperative that anyone who has invested money in an offshore bank in Puerto Rico seek legal help. That’s where we come in.
PROUDLY PROTECTING THE RIGHTS OF DOMESTIC & INTERNATIONAL TAXPAYERS
My name is Kevin E. Thorn, Managing Partner at Thorn Law Group. Today, I run a firm that is dedicated to protecting taxpayers from incurring severe IRS-related consequences such as fines and civil or criminal charges. However, several years ago, I was on the other side of the playing field working as an attorney for the IRS and the United States Tax Court. My time working for the U.S. government proved invaluable. The experience allowed me to gain first-hand inside knowledge of the investigative procedures and decisive measures the IRS employs when looking into foreign accounts. Now, I use this knowledge to identify potential red flags in a client’s accounts that may trigger legal repercussions and resolve them as swiftly and favorably as possible.
When you work with a Puerto Rico tax lawyer at Thorn Law Group, you can rest confidently knowing that you will have a uniquely qualified legal professional on your side who will help you avoid serious IRS penalties. Our firm advises taxpayers on several complex tax matters, including but not limited to:
- Foreign Accounts Tax Compliance Act (FATCA)
- Foreign Corrupt Practices Act
- International Banking Law
- International Estate Planning
- International Litigation
- International Tax Disputes
- International Tax Planning
- International Trusts
- Offshore Account/Foreign Bank Account Reporting
- Repatriation of Income
- Residency & Source of Income Disputes
- Tax Evasion
- Tax Penalty Relief
- Voluntary Disclosure
BRING YOUR OFFSHORE ACCOUNTS INTO COMPLIANCE WITH THE HELP OF A PUERTO RICO TAX LAWYER
Whether you need help with disclosing the value of your foreign accounts or disputing IRS accusations of tax evasion, Thorn Law Group can assist. Contact Managing Partner Kevin E. Thorn today to discuss your case.