2022 Year in Review: What Are Our Lessons Learned for 2023?
Offshore Account UpdatePosted in on December 30, 2022
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Posted in on December 30, 2022
Posted in on December 16, 2022
The Internal Revenue Service (IRS) imposes penalties on individual and corporate taxpayers for several reasons. These penalties begin to accrue immediately upon a filing or payment delinquency, and they can substantially increase taxpayers’ total liability. While some taxpayers will simply have to pay what they owe, there are various options for avoiding (or at least mitigating) liability for IRS penalties—one of which is filing for penalty relief.
Read MorePosted in on November 29, 2022
Posted in on November 18, 2022
According to a recent News Release from the Internal Revenue Service (IRS), the federal “tax gap” increased by $58 billion for tax years 2014 through 2016. At $496 billion, the tax gap during this period was the highest in history. While the IRS notes that this increase “can be attributed to economic growth,” it is nonetheless planning to institute more robust enforcement efforts in 2023 and beyond.
Read MorePosted in on October 31, 2022
In a recent Tax Tip, the Internal Revenue Service (IRS) advised individuals and businesses that are behind on their federal tax obligations to consider submitting an offer in compromise. As the IRS explains, the offer in compromise program “allows taxpayers to enter into an agreement . . . that settles a tax debt for less than the full amount owed[, and s]ometimes . . . significantly less, especially if they have low income and few assets.”
Read More"The attorneys at Thorn Law Group, PLLC have significant experience in all phases of tax controversy, fraud and tax litigation. The Managing Partner, Kevin Thorn, is incredibly personable, yet also brilliant at what he does. Kevin's depth of knowledge in tax administration and procedure provides us with valuable insight into the government's and the courts' perspectives in our case. I would definitely recommend the firm to anyone with needs in resolving any kind of tax disputes."
Stephanie Tee