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Archive by Year:2022

Do You Need to File IRS Form 8938 or an FBAR (or Both) By October 15, 2022?

Offshore Account Update

Posted in on August 31, 2022

For U.S. taxpayers who own “specified foreign financial assets,” Tax Day doesn’t just come with an obligation to file an annual income tax return. These taxpayers must file additional forms to disclose their foreign financial assets as well. Fortunately, for those who fail to file, the Internal Revenue Service (IRS) provides an automatic extension to October 15.Read More

Are Crowdfunding Contributions Taxable or Tax Deductible?

Offshore Account Update

Posted in on August 12, 2022

With crowdfunding continuing to grow in popularity as a means to do everything from launch business ventures to help those in need, the Internal Revenue Service (IRS) has recently provided guidance on crowdfunding’s tax implications. However, as is often the case, the IRS' guidance leaves several key questions unanswered.Read More

The IRS Has a New Five-Year Plan—Here’s What Taxpayers Need to Know

Offshore Account Update

Posted in on July 29, 2022

The Internal Revenue Service (IRS) recently released its strategic plan for the next five years. While the IRS’ Strategic Plan FY2022-2026 addresses a variety of topics, of most note to U.S. taxpayers is the IRS’ enhanced focus on enforcement.Read More

Employers That Claimed the IRS’ Employee Retention Credit Should Verify Compliance

News, Offshore Account Update

Posted in on July 22, 2022

In 2020, Congress established a new employee retention credit to help businesses that were struggling as a result of the economic impacts of the COVID-19 pandemic. Congress extended the employee retention credit for 2021, but in doing so, it also established new eligibility requirements.Read More

What Should You Do if You Knowingly Filed False Returns (or Failed to File Returns) with the IRS?

Offshore Account Update

Posted in on June 30, 2022

Federal law requires all U.S. taxpayers to accurately report their income, employment and other tax liability to the Internal Revenue Service (IRS) annually. Owning offshore assets can trigger additional filing requirements as well. Failing to meet these requirements can have serious consequences, and knowingly failing to meet them can significantly increase the risks involved In this article, Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what you need to know if you have knowingly failed to meet your obligations to the IRS.  Read More

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"Kevin E. Thorn and the tax attorneys at Thorn Law Group are exceptional. When I came to them, I had just received a letter from the Department of Justice concerning an undisclosed bank account at a Swiss bank. I thought I was going to go to jail and lose everything I had worked for just because my family and my business are international. Mr. Thorn's knowledge of the tax laws and his skills in presenting my situation to the IRS and Department of Justice proved superior!"
Emma Zdon