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Archive by Year:2022 - Page 3

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.

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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.

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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.  

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BBA Partnership Audits and the IRS’ Centralized Partnership Audit Regime: What Business Partners Need to Know in 2022

Hot Topics, Offshore Account Update

Posted in on June 16, 2022

Among the Internal Revenue Service’s (IRS) many priorities is enforcing partnerships’ federal income tax obligations. In recent years, the IRS has implemented two major programs focused specifically on partnership tax enforcement, and we expect to see increased activity under both of these programs in 2022 and beyond. In this article, Washington D.C. federal tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some of the implications of these recent developments for business partners:Read More

What Are Your Options if You Disagree with the IRS?

Offshore Account Update

Posted in on May 31, 2022

You filed your tax return, paid your taxes and now the Internal Revenue Service (IRS) is saying you did it wrong. Not only are you facing substantial additional tax liability, but you are facing liability for interest and penalties as well. What are your options if you disagree? Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:Read More

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