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Category: News - Page 5

IRS and DOJ Target Abuse of Conservation Easements

Hot Topics, News

Posted in on July 14, 2021

The Internal Revenue Service (IRS) and the Department of Justice (DOJ) are dedicating a large amount of their resources to combat the abuse of conservation easements. Conservation easements are meant to protect specific attributes of the property such as natural resources or historical infrastructure. While the IRS focuses on qualifications for the tax break, the Department of Justice monitors the appraisals of such qualifying properties to regulate promoters of such conservation easement transactions.Read More

IRS: Certain Cryptocurrency Transactions Do Not Qualify as Like-Kind Exchanges

News, Offshore Account Update

Posted in on June 30, 2021

In a recently-released Memorandum, the Internal Revenue Service (IRS) Office of Chief Counsel stated the agency’s position that certain transactions involving Bitcoin, Ether and Litecoin do not qualify as like-kind exchanges under Section 1031 of the Internal Revenue Code. 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 invest in the cryptocurrency market.Read More

Treasury Department Proposal Would Require Reporting of All $10,000 Cryptocurrency Transactions

News, Offshore Account Update

Posted in on May 28, 2021

Under federal law, taxpayers and certain businesses are required to report all cash transactions of $10,000 or more to the IRS. This requirement is intended to prevent tax evasion through the use of undocumented transactions. The U.S. Treasury Department’s American Families Plan Tax Compliance Agenda, released in May 2021, proposes a similar reporting requirement for transactions involving cryptocurrency. Here, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what this would mean for cryptocurrency investors and other businesses.Read More

The U.S. Is Seeking to Raise an Additional $700 Billion Through IRS Audits

News, Offshore Account Update

Posted in on May 14, 2021

With Republicans and Democrats in a stalemate regarding potential income tax increases, the Biden administration has put forth a different proposal: Rather than asking law-abiding taxpayers to pay more, the IRS should do more to make non-law-abiding taxpayers pay what they owe. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, this could lead to a significant increase in the number of IRS audits over the next 10 years.

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What You Need to Know if the IRS Scrutinizes Your Cryptocurrency History

News, Offshore Account Update

Posted in on March 31, 2021

If you invest in cryptocurrency, you could face scrutiny from the IRS in 2021. The IRS has made clear that it is paying attention to cryptocurrency investors, and that it will be vigorously enforcing investors’ reporting and payment obligations in the year to come.

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