Offshore Business Bank Accounts

Boston’s Offshore Business Account Attorneys

The legal professionals at Thorn Law Group are Massachusetts offshore bank account lawyers with years of experience helping companies in Boston and throughout the greater New England region comply with the extensive reporting requirements associated with their offshore business activities.  

The laws and regulations governing offshore business bank accounts are complex and can be extremely difficult to navigate.  As former U.S. Internal Revenue Service attorneys, our firm has an in-depth understanding of IRS procedures and operations. We are keenly familiar with the specific offshore forms and disclosure documents businesses and individual taxpayers are required to file with the U.S. government.  We regularly counsel taxpayers in the Boston region and across the U.S. on compliance issues involving offshore accounts, including FBARs (Foreign Bank Account Reporting) and offshore voluntary disclosures.  

Additionally, we understand the complicated methodologies the government uses to calculate tax payments and penalties stemming from the failure to properly disclose and/or pay taxes due on foreign business accounts and assets.   

Handling Complex IRS Reporting Requirements

The Boston offshore business account attorneys at Thorn Law Group appreciate that the many forms, including IRS Form 5471, that businesses and individuals are often required to file with the IRS are complicated and can take extensive time to complete.  We also know that it can be difficult for companies and individual taxpayers to determine whether they fall within the IRS’ specific categories of filers required to complete such forms.  

Thorn Law Group has years of experience interpreting complex IRS rules and regulations.  In every offshore business account case that we handle our attorneys take the time to fully understand our clients’ business and financial operations.  We work closely with our clients to identify all of their offshore activities and partner with them to develop plans to bring all such accounts and assets into compliance with U.S. laws and regulations.  

Helping Clients Avoid Harsh Penalties

The Boston offshore business account attorneys at our firm know that when a business fails to properly disclose its foreign accounts to the IRS, the U.S. government views such a failure as tax evasion.  Penalties associated with these failures to disclose can be severe.  When clients in the Boston area are facing complex tax problems associated with their offshore accounts, we take swift action to avoid harsh penalties and intrusive IRS audits and investigations.  

Our attorneys carefully review and explain all options that may be available to our clients, including participation in the IRS Offshore Voluntary Disclosure Program.  We take the time to answer our clients’ questions and make sure that they have all of the information they need to make well-informed decisions.  At each stage of the process our attorneys provide guidance and advocacy.  We not only ensure that all of our clients’ offshore account matters are properly resolved, we also work with our clients to make certain that appropriate strategies are in place to avoid future issues and problems.

If you have questions about IRS reporting requirements for foreign accounts and assets or would like to discuss your situation with an experienced Massachusetts offshore bank account lawyer, contact Kevin E. Thorn, Managing Partner of Thorn Law Group, at (617) 692-2989 to schedule a confidential consultation.