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News & Events

Archive by Year:2020

What Should You Do If You are Being Audited by the IRS?

News

Posted in on June 30, 2020

With Tax Day delayed until July 15 due to the COVID-19 pandemic, the Internal Revenue Service’s (IRS) annual wave of audits targeting individuals and companies suspected of underreporting and underpaying their federal income tax obligations has been delayed as well. But, the time has come; and, if you are being audited, it is important that you take the necessary steps to protect yourself. Here are five tips from Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.Read More

Can Businesses Deduct Expenses Paid with Paycheck Protection Program (PPP) Loans?

News

Posted in on June 16, 2020

While the Paycheck Protection Program (PPP) provided a crucial financial lifeline for many businesses, many businesses that obtained loans under the PPP were not prepared for the compliance obligations that securing a forgivable loan from the federal government entailed. Among numerous other issues, many companies are currently struggling to appropriately address the federal income tax implications of paying their expenses with PPP loan funds. If you are unclear as to what your company can and can’t deduct, you should consult with an experienced Washington D.C. business tax attorney promptly.Read More

What Do Cryptocurrency Investors Need to Report on Their Federal Tax Returns?

Hot Topics, News

Posted in on May 5, 2020

As 2020’s revised Tax Day inches closer, many individuals and businesses are beginning the process of gathering the information needed in order to prepare their returns. For many, this includes information about their cryptocurrency investments. After issuing updated guidance (and warning letters) last year, the Internal Revenue Service (IRS) is preparing to hold taxpayers accountable if they fail to properly report cryptocurrency transactions on their July 15, 2020 returns.

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What the Formation of the IRS's New Fraud Enforcement Office Means for Small Businesses

Hot Topics, News

Posted in on April 30, 2020

On March 5, 2020, the Internal Revenue Service (IRS) announced the creation of a new Fraud Enforcement Office. According to a statement from the IRS, “the new office will reside in the IRS Small Business/Self Employed Division and work on agency-wide compliance issues.” Here, Washington D.C. business tax attorney Kevin E. Thorn explains what this means for small businesses.

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Treasury Secretary Mnuchin Announces Tax Filing Delay Until July 15: What You Need to Know

News

Posted in on March 20, 2020

Treasury Secretary Steven Mnuchin has announced that the 2020 tax filing deadline will now be July 15 for both individual and corporate tax filers.

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