Archive by Year:2020

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

News, Offshore Account Update

Posted in on December 31, 2020

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:Read More

Do You Need to File an FBAR in 2021?

Offshore Account Update

Posted in on December 17, 2020

For many individuals and businesses, filing their annual income tax return is not their only filing obligation on April 15. Many U.S. taxpayers must also file FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR), with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Do you need to file an FBAR on April 15, 2021? Washington D.C. FBAR attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:Read More

Have You Received a Form 1099-K from Your Cryptocurrency Exchange?

Hot Topics, News

Posted in on November 30, 2020

If you trade or invest in cryptocurrency, you are obligated to report all income from your trades and sales to the Internal Revenue Service (IRS). But, you are not the only one with this obligation. Your cryptocurrency exchange has an obligation to report this information to the IRS as well—and the IRS can use your exchange’s filings to determine whether you have accurately reported and paid what you owe.Read More

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


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?


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

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