2020 Year in Review: Important News and Developments in the Area of Federal Tax Compliance

Posted in News, Offshore Account Update on December 31, 2020 | Share

As we look forward to 2021, it is worth taking a look back at some of the lessons we learned in 2020. While major media headlines were dominated by the COVID-19 pandemic, issues of social injustice and the Presidential election – and rightfully so – we focused our attention on helping taxpayers stay up-to-date on their reporting and filing requirements. Here is a look back at some of the top articles published by Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group:

IRS Announces (and Opens) New Fraud Enforcement Office During COVID-19 Crisis

In March 2020, the Internal Revenue Service (IRS) announced the formation of a new Fraud Enforcement Office within the agency’s Small Business/Self Employed Division. Despite the effects of the pandemic, the IRS issued another statement in August indicating that the new office would be fully operational well before the end of the year. Learn more:



PPP and Disaster Relief Fraud Investigations Present Risks for Businesses and Individuals

The federal Paycheck Protection Program (PPP) provided a much-needed financial lifeline for many businesses and individuals in the earlier stages of the COVID-19 pandemic. However, the PPP was also plagued by fraud, and this has forced the IRS and other agencies to meticulously examine PPP recipients’ applications and tax filings. Heading into 2021, PPP loan recipients will need to be very careful when preparing their returns, and loan recipients and others will need to be wary of the risk of facing disaster relief fraud investigations as well. Learn more:



Cryptocurrency Investors Can Expect to Face IRS Scrutiny in 2021

Cryptocurrency tax compliance was another hot-button issue for the IRS in 2020, and all indications are that this will again be the case in 2021. The IRS sent “education letters” to thousands of cryptocurrency investors during the year, and some exchanges began making changes to how they report their customers’ transactions and holdings. Learn more:



IRS Audits and IRS CI Investigations Continue To Target a Broad Range of Issues

All U.S. taxpayers need to make sure they accurately report and pay their federal income tax obligations, and those that have foreign financial assets must ensure that they accurately disclose these as well. Those that do not can face audits and investigations, and these inquiries can lead to substantial penalties if not handled appropriately. Learn more:



Contact Washington D.C. Tax Attorney Kevin E. Thorn, Managing Partner of Thorn Law Group

If you have questions about your federal income tax obligations for the 2020 tax year (or any other tax year), we encourage you to get in touch. To request an appointment with Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, please call 202-349-4033, email or send us a message online today.

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