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202-349-4033


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News & Events

Archive by Year:2021 - Page 3

IRS Focuses on Puerto Rico as a Tax Haven

Hot Topics, News, Offshore Account Update

Posted in on July 21, 2021

The Internal Revenue Service (IRS) has begun to focus its resources on identifying tax havens in Puerto Rico. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, this has potentially significant implications for U.S. taxpayers who transfer their business to Puerto Rico seeking tax advantages. Kevin E. Thorn warns, that such transfers have triggered many IRS tax audits already, and more may be on the way in the future.Read More

IRS and DOJ Target Abuse of Conservation Easements

Hot Topics, News

Posted in on July 14, 2021

The Internal Revenue Service (IRS) and the Department of Justice (DOJ) are dedicating a large amount of their resources to combat the abuse of conservation easements. Conservation easements are meant to protect specific attributes of the property such as natural resources or historical infrastructure. While the IRS focuses on qualifications for the tax break, the Department of Justice monitors the appraisals of such qualifying properties to regulate promoters of such conservation easement transactions.Read More

IRS: Certain Cryptocurrency Transactions Do Not Qualify as Like-Kind Exchanges

News, Offshore Account Update

Posted in on June 30, 2021

In a recently-released Memorandum, the Internal Revenue Service (IRS) Office of Chief Counsel stated the agency’s position that certain transactions involving Bitcoin, Ether and Litecoin do not qualify as like-kind exchanges under Section 1031 of the Internal Revenue Code. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, this has potentially significant implications for U.S. taxpayers who invest in the cryptocurrency market.Read More

To File or Not to File: What is a Reportable Foreign Financial Asset Under FATCA?

Offshore Account Update

Posted in on June 16, 2021

Many U.S. taxpayers who own financial assets overseas owe reporting obligations to the Internal Revenue Service (IRS). While there are reporting thresholds and not all financial assets qualify as “foreign financial assets” under the Foreign Account Tax Compliance Act (FATCA), taxpayers cannot simply assume that they fall outside of FATCA’s requirements. The penalties for non-compliance are steep, and criminal prosecution is a possibility in some cases. Here, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group,  explains when taxpayers need to file IRS Form 8938 in order to comply with FATCA.Read More

Treasury Department Proposal Would Require Reporting of All $10,000 Cryptocurrency Transactions

News, Offshore Account Update

Posted in on May 28, 2021

Under federal law, taxpayers and certain businesses are required to report all cash transactions of $10,000 or more to the IRS. This requirement is intended to prevent tax evasion through the use of undocumented transactions. The U.S. Treasury Department’s American Families Plan Tax Compliance Agenda, released in May 2021, proposes a similar reporting requirement for transactions involving cryptocurrency. Here, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what this would mean for cryptocurrency investors and other businesses.Read More

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