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Category: News - Page 7

Are You Eligible to Settle Your Federal Tax Debt with an Offer in Compromise?

News

Posted in on November 16, 2020

The Internal Revenue Service’s (IRS) offer in compromise program allows eligible U.S. taxpayers to settle their outstanding federal tax debt for less than the full amount they owe. If you are interested in submitting an offer in compromise to the IRS, your first step is to consult with a Washington D.C. tax attorney to determine your eligibility.Read More

Are You Under Investigation for Disaster Relief Tax Fraud?

News

Posted in on October 30, 2020

When disaster strikes, the Internal Revenue Service (IRS) will often offer tax relief to individual and business taxpayers. This tax relief can take various forms, from delaying the due date for income tax filings (as in the case of the COVID-19 crisis) to providing additional deductions to taxpayers that experience casualty losses (as in the case of major storms). The U.S. Small Business Administration (SBA) offers disaster relief loans and grants in various circumstances as well—and the IRS is tasked with ensuring that taxpayers who receive federal funds pay all relevant taxes when they come due.Read More

IRS Announces Inflation Adjustments for 2021

News

Posted in on October 16, 2020

On October 26, 2020, the Internal Revenue Service (IRS) announced the annual inflation adjustments for the 2021 tax year. The full list of adjustments is contained in Revenue Procedure 2020-45; however, the IRS has highlighted the adjustments, “of greatest interest to most taxpayers,” in a News Release published on its website. Here, Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some of the most-notable changes for the upcoming year.

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IRS to Small Business Owners: Don’t Abuse the Home Office Deduction

News

Posted in on September 25, 2020

Small Business Week was September 22 through 24. In recognition of the event, the Internal Revenue Service (IRS) took the opportunity to remind small business owners of the pitfalls of abusing the home office deduction. Here, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an overview of what business owners who work from home need to know:

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IRS Tax Audits: An Overview of the Audit Process

News

Posted in on August 17, 2020

If you are being audited by the Internal Revenue Service (IRS), there is a lot you need to know. While it may be possible to avoid interest and other penalties with a strategic and effective defense, an IRS tax audit can also lead to criminal charges for federal tax evasion if you are not careful. To protect yourself, you need to respond to the audit appropriately, and you need to rely on the advice of an experienced Washington D.C. IRS tax lawyer.Read More

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