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202-349-4033


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Get Help Now: 202-349-4033

News & Events

Category: News

IRS Ramps Up Efforts to Target Estate Planners and Taxpayers for Abusive Trust Arrangements

News, Offshore Account Update

Posted in on March 31, 2022

While trusts have long been viewed as flexible estate planning tools that offer the opportunity for tax savings, efforts to avoid federal tax liability through the use of trust arrangements can go too far. The Internal Revenue Service (IRS) has identified an uptick in the use of abusive trust arrangements in recent years, and it has stated publicly that it is prioritizing enforcement in this area. In this article, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses the risks for estate planners, their clients and their clients’ beneficiaries.

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Proposed Law to Eliminate Federal Tax Liability for Many Cryptocurrency Transactions Remains Stalled

News, Offshore Account Update

Posted in on February 28, 2022

Under federal tax law, any time a U.S. taxpayer sells, trades or exchanges cryptocurrency for goods or services, this transaction is a taxable event. The taxpayer realizes either gain or loss on the transaction, and the taxpayer has an obligation to report this gain or loss to the Internal Revenue Service (IRS). Many cryptocurrency investors have fallen short of meeting this obligation in recent years—and many have found themselves in need of a Washington D.C. tax attorney as a result.Read More

IRS CI: Expect Cryptocurrency Seizures to Continue in 2022

News, Offshore Account Update

Posted in on February 14, 2022

In 2021, the Internal Revenue Service’s Criminal Investigation Division (IRS CI) seized $3.5 billion in cryptocurrency assets. This accounted for 93 percent of IRS CI’s total seizures during the year. But, while this may have been atypical in comparison to years past, it may ultimately prove to be the start of a new trend moving forward. Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

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IRS Releases FAQs on Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds)

News, Offshore Account Update

Posted in on December 17, 2021

The Internal Revenue Service (IRS) recently released a set of frequently asked questions (FAQs) regarding the tax consequences for recipients of Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds). The FAQs also address employers’ reporting requirements pertaining to SLFR Funds. In this article, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, covers some of the highlights:

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What Should You Do if You Need to File a Late FBAR?

News, Offshore Account Update

Posted in on October 15, 2021

The automatic extension for filing an FBAR expired on October 15, 2021. If you haven’t yet filed an FBAR for the 2020 tax year, your FBAR is now late. As the IRS noted in a recent reminder, “[t]hose who don't file an FBAR when required may be subject to significant civil and criminal penalties.” Here, Washington D.C. international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what you should do if you need to file a late FBAR.

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