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202-349-4033


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Get Help Now: 202-349-4033

News & Events

Category: News

Charitable Donations, Tax Deductions and IRS Audits: What Taxpayers Need to Know in 2021

News, Offshore Account Update

Posted in on September 30, 2021

Charitable donations have long been a tool for U.S. taxpayers to reduce their federal income tax liability. Taxpayers who itemize their deductions rather than taking the standard deduction can reduce their tax liability significantly—or eliminate it entirely in some cases—and charitable donations to qualifying organizations qualify for itemized deductions. But, as Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, taxpayers claiming deductions for charitable donations must be careful in order to avoid unwanted scrutiny from the IRS.Read More

Cryptocurrency Investors Could Face New Risks If They Fail To Report Transactions to the IRS

News, Offshore Account Update

Posted in on August 13, 2021

Thanks to a few key provisions tucked into the long-awaited Senate infrastructure bill, cryptocurrency investors could soon face new risks if they fail to report transactions to the IRS. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, while the bill does not address cryptocurrency investors’ tax obligations directly, it proposes new third-party reporting requirements that would facilitate enhanced enforcement by the Internal Revenue Service (IRS).Read More

IRS Provides Tips for FBAR Compliance in 2021

News, Offshore Account Update

Posted in on July 30, 2021

U.S. taxpayers with qualifying foreign financial accounts must complete and file a Report of Foreign Bank and Financial Accounts (FBAR) on an annual basis. Failure to do so can lead to civil or criminal penalties, and it can lead to scrutiny of taxpayers’ other filings as well. The Internal Revenue Service recently published some tips for FBAR compliance in 2021, which Washington D.C. international tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses below:Read More

Are You a Victim of a Tax Scam? You Could Run Into Trouble with the IRS

News, Offshore Account Update

Posted in on July 28, 2021

The Internal Revenue Service (IRS) wants taxpayers to be aware of tax scams—and it wants taxpayers to avoid these scams if at all possible. But, while the IRS can issue warnings, what it cannot do in many cases is distinguish between scam victims and taxpayers who have knowingly submitted fraudulent returns. As a result, victims of tax scams will run into trouble with the IRS in many cases. 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 submitted a false return as the result of falling victim to a tax scam.Read More

IRS Focuses on Puerto Rico as a Tax Haven

Hot Topics, News, Offshore Account Update

Posted in on July 21, 2021

The Internal Revenue Service (IRS) has begun to focus its resources on identifying tax havens in Puerto Rico. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, this has potentially significant implications for U.S. taxpayers who transfer their business to Puerto Rico seeking tax advantages. Kevin E. Thorn warns, that such transfers have triggered many IRS tax audits already, and more may be on the way in the future.Read More

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