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202-349-4033


Confidential & Experienced Tax Lawyers

Get Help Now: 202-349-4033

News & Events

Archive by Year:2021

Charitable Donations, Tax Deductions and IRS Audits: What Taxpayers Need to Know in 2021

News, Offshore Account Update

Posted in on September 30, 2021

Charitable donations have long been a tool for U.S. taxpayers to reduce their federal income tax liability. Taxpayers who itemize their deductions rather than taking the standard deduction can reduce their tax liability significantly—or eliminate it entirely in some cases—and charitable donations to qualifying organizations qualify for itemized deductions. But, as Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, taxpayers claiming deductions for charitable donations must be careful in order to avoid unwanted scrutiny from the IRS.Read More

Should Businesses Use the IRS’ Voluntary Classification Settlement Program (VCSP)?

Hot Topics, Offshore Account Update

Posted in on September 17, 2021

Improper classification of employees as independent contractors can lead to big problems with the Internal Revenue Service (IRS). But, the IRS also offers some options for businesses that want to voluntarily come into compliance. One of these options is the Voluntary Classification Settlement Program (VCSP). In this article, Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains when businesses might (and might not) want to use the VCSP.Read More

What Form(s) Do You Need to File to Comply with FATCA?

Offshore Account Update

Posted in on August 31, 2021

If you own offshore bank accounts, foreign securities or other foreign financial assets, you may be subject to the Foreign Account Tax Compliance Act (FATCA). Taxpayers that are subject to FATCA must file an additional form (or possibly additional forms) with their annual tax returns—and failure to do so can lead to significant penalties. So, what form(s) do you need to file to comply with FATCA? Here is an overview from Washington D.C. international tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.Read More

Cryptocurrency Investors Could Face New Risks If They Fail To Report Transactions to the IRS

News, Offshore Account Update

Posted in on August 13, 2021

Thanks to a few key provisions tucked into the long-awaited Senate infrastructure bill, cryptocurrency investors could soon face new risks if they fail to report transactions to the IRS. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, while the bill does not address cryptocurrency investors’ tax obligations directly, it proposes new third-party reporting requirements that would facilitate enhanced enforcement by the Internal Revenue Service (IRS).Read More

IRS Provides Tips for FBAR Compliance in 2021

News, Offshore Account Update

Posted in on July 30, 2021

U.S. taxpayers with qualifying foreign financial accounts must complete and file a Report of Foreign Bank and Financial Accounts (FBAR) on an annual basis. Failure to do so can lead to civil or criminal penalties, and it can lead to scrutiny of taxpayers’ other filings as well. The Internal Revenue Service recently published some tips for FBAR compliance in 2021, which Washington D.C. international tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses below:Read More

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"Kevin Thorn, Managing Partner of Thorn Law Group, is an excellent adviser. My family and I are US citizens living in Europe and the US. Mr. Thorn helped us to understand our opportunities for international investments and estate planning issues so that my siblings and I may continue to further the growth of our businesses, to care for our aging parents and provide for our children. Mr. Thorn and his team were sensitive to our family's needs and helped us identify and understand our options and potential risks associated with US and international activity."
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