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Archive by Year:2020 - Page 3

What Does it Mean if You are Contacted by IRS CI?

Offshore Account Update

Posted in on July 31, 2020

The Internal Revenue Service Criminal Investigations division (IRS CI) investigates tax crimes and collects evidence that the U.S. Department of Justice (DOJ) can use to pursue criminal charges in federal district court. As a result, facing an IRS CI investigation is a serious matter; and, if you have been contacted by special agents from IRS CI, it is important that you speak with a Washington D.C. criminal tax lawyer promptly.Read More

When Can (and Should) Taxpayers Take Advantage of the IRS’ Voluntary Disclosure Practice?

Offshore Account Update

Posted in on July 24, 2020

For U.S. taxpayers who are concerned about their filing or payment history, the Internal Revenue Service’s (IRS) Voluntary Disclosure Practice provides a potential way to resolve past deficiencies without facing criminal liability. However, utilizing the Voluntary Disclosure Practice can be extremely risky if not handled carefully; and, as a result, individuals who are thinking about self-disclosing federal tax law violations should consult with a Washington DC IRS voluntary disclosure lawyer before they submit anything to the IRS.Read More

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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