Offshore Accounts Lawyer Helping Taxpayers Resolve Offshore Account Matters
Offshore financial accounts have a bad reputation. It is often assumed that people invest their money offshore to avoid alerting the IRS to the fact they have these funds and paying taxes on them. Of course, this is definitely not the case in all situations – or even in most situations. Many people have offshore accounts for a variety of perfectly legitimate reasons, ranging from actually living abroad to wanting to keep funds in a foreign location as a hedge against political instability.
Whatever the reason, offshore accountholders have been subject to extensive scrutiny, especially in recent years. New laws have been passed to impose burdensome requirements on account holders with offshore funds, and the U.S. government has been aggressively pushing foreign banks to disregard the privacy of their clients and reveal information to government investigators.
The focus on capturing lost tax revenues, which is occurring globally, has created many complications for U.S. offshore account holders. When it comes to handling foreign account matters, it is in every account holder’s best interest to consult with an experienced offshore accounts lawyer.
Kevin E. Thorn, Managing Partner of Thorn Law Group, has unparalleled experience with a wide variety of tax issues and can provide you with guidance on your obligations as an offshore account holder. Our legal team can also assist you in responding to IRS investigations regarding offshore account disclosure. We’ve helped hundreds of clients save millions of dollars, and are prepared to do the same for you. Call us today at 202-349-4033 to learn more about your rights as a foreign account holder and how our offshore accounts lawyers can assist you in resolving IRS disclosure matters.
Offshore Account Holders Are at Risk of IRS Crackdowns – What Does This Mean for You?
Offshore accountholders, including signatories on accounts, are generally required to file a Report of Foreign Bank and Financial Accounts (FBAR) disclosing the existence of funds that are kept in financial institutions located offshore. When the offshore funds are invested and make a profit, it is expected the account holder will pay taxes on gains, just as investors with accounts in the United States are required to do. As a result, income and profits from any offshore funds must be reported to the IRS.
Accountholders are not the only ones with obligations. Countries worldwide are involved in agreements to reciprocally share information with taxing authorities while financial institutions also face mandates to report certain accounts and transactions. The strict rules imposed upon financial institutions that allow for foreign account holders have become so broad that some banks and institutions are refusing to allow U.S. citizens or other non-local investors to open or to continue to hold accounts that were previously created. This has posed a problem for ex-pats when attempting to obtain the services of financial institutions where they are living, even as they remain U.S. citizens.
Due to the complexities of new offshore account regulations, many U.S. taxpayers do not understand the FBAR rules mandating disclosures or why the foreign bank they hold accounts in are no longer willing to serve them. Taxpayers need to know how the ever-evolving tax regulations can impact their finances. Fortunately, an experienced offshore accounts lawyer can help.
Contact an Offshore Accounts Lawyer at Thorn Law Group to Learn About Your Rights and Tax Responsibilities
Have you been accused of withholding foreign assets information by the IRS? Are your offshore accounts under investigation? Are you facing severe financial or criminal IRS penalties? If so, we are here to help.
An offshore accounts lawyer at Thorn Law Group can assist anyone concerned about the possibility of facing IRS penalties regarding their foreign accounts. To find out more about how our firm can help you keep your assets safe, ensure you are in compliance with FBAR regulations and avoid IRS penalties, contact Managing Partner Kevin E. Thorn today to schedule a confidential consultation.
