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Archive by Year:2021 - Page 4

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

The U.S. Is Seeking to Raise an Additional $700 Billion Through IRS Audits

News, Offshore Account Update

Posted in on May 14, 2021

With Republicans and Democrats in a stalemate regarding potential income tax increases, the Biden administration has put forth a different proposal: Rather than asking law-abiding taxpayers to pay more, the IRS should do more to make non-law-abiding taxpayers pay what they owe. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, this could lead to a significant increase in the number of IRS audits over the next 10 years.Read More

IRS Establishes Safe Harbor for PPP Non-Compliance

Hot Topics, Offshore Account Update

Posted in on April 30, 2021

The Internal Revenue Service (IRS) recently announced a safe harbor for small businesses that received Paycheck Protection Program (PPP) loans in 2020. As Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, the safe harbor applies specifically to small businesses that failed to deduct certain expenses based on IRS guidance issued prior to December 2020.Read More

Recent IRS CI Investigations Highlight Enforcement Priorities for 2021

Offshore Account Update

Posted in on April 16, 2021

The Internal Revenue Service’s Criminal Investigation Division (IRS CI) has been extremely active in 2021. In March alone, IRS CI issued well over 100 press releases announcing new investigations. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, IRS CI’s recent investigations provide some important insights into the division’s enforcement priorities for 2021.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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