News & Events

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

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 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

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

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