2021 Year in Review: Key Takeaways for U.S. Taxpayers Heading Into 2022
Offshore Account UpdatePosted in on December 31, 2021
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Posted in on December 31, 2021
Posted in on December 17, 2021
The Internal Revenue Service (IRS) recently released a set of frequently asked questions (FAQs) regarding the tax consequences for recipients of Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds). The FAQs also address employers’ reporting requirements pertaining to SLFR Funds. In this article, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, covers some of the highlights:
Read MorePosted in on November 30, 2021
Each year, the Internal Revenue Service’s Criminal Investigation Division (IRS CI) releases a report highlighting its achievements over the past 12 months. IRS CI recently released its FY 2021 Annual Report; and, as usual, the report spotlights many of the division’s top enforcement priorities. As these priorities typically carry over into the following year, understanding where IRS CI focused its enforcement efforts in 2021 will be instructive for U.S. taxpayers seeking to avoid unwanted scrutiny in 2022. Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.
Read MorePosted in on November 12, 2021
Posted in on October 29, 2021
Under the federal Bank Secrecy Act (BSA), U.S. taxpayers who own qualifying offshore accounts and other foreign financial assets are required to file a Report of Foreign Bank and Financial Accounts (FBAR) on an annual basis. Failure to comply with the BSA can lead to steep penalties—even if the failure is inadvertent. With this in mind, U.S. taxpayers who discover that they are behind on their FBAR filings must take proactive steps to come into compliance. As Washington D.C. international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, this may mean submitting a statement of “reasonable cause.”
Read More"I have personal knowledge that the tax attorneys at Thorn Law Group have developed a nationwide practice guiding individuals, banks, trusts, foundations and other organizations through the processes involved in managing and disclosing offshore bank accounts. The goal for our attorneys is to resolve potential legal issues in advance in order to bring their offshore bank accounts into compliance with government regulations."
Mélanie Corna