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202-349-4033


Confidential & Experienced Tax Lawyers

Get Help Now: 202-349-4033

News & Events

Archive by Year:2020

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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IRS: International Authorities are “Closing the Net” on Global Tax Evasion

Offshore Account Update

Posted in on February 28, 2020

In January, we discussed the IRS’s announcement of the first major crackdown executed by the Joint Chiefs of Global Tax Enforcement (J5), a collaborative international law enforcement effort focused on combating the illegal use of offshore banks and shelter schemes for tax evasion. In February, the IRS released an update on the J5’s enforcement efforts in a News Release captioned, “J5 tax chiefs closing the net on global tax evasion.”Read More

Top 10 Tips When Selecting an Offshore Voluntary Disclosure Option

Offshore Account Update

Posted in on January 31, 2020

For years, individuals who inadvertently failed to report offshore assets to the federal government were able to do so under the IRS’s Offshore Voluntary Disclosure Program (OVDP). However, the IRS closed the OVDP in 2018. In 2019 and beyond, the primary option available to federal taxpayers is the IRS’s Streamlined Disclosure Program for Offshore Accounts.Read More

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"Kevin E. Thorn and the tax attorneys at Thorn Law Group are exceptional. When I came to them, I had just received a letter from the Department of Justice concerning an undisclosed bank account at a Swiss bank. I thought I was going to go to jail and lose everything I had worked for just because my family and my business are international. Mr. Thorn's knowledge of the tax laws and his skills in presenting my situation to the IRS and Department of Justice proved superior!"