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Category: Offshore Account Update

What are the Penalties for Failure to File an FBAR (and How Can You Avoid Them)?

Offshore Account Update

Posted in on April 29, 2022

U.S. taxpayers who own foreign financial accounts worth $10,000 or more are required to file a Report of Foreign Bank and Financial Accounts (FBAR) on Tax Day each year. Those whose foreign assets exceed $50,000 in aggregate value may also have to file Internal Revenue Service (IRS) Form 8938. So, what are the consequences if you didn’t file an FBAR or IRS Form 8938 on April 18, 2022? Washington D.C. international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:Read More

IRS CI Continues to Target Pandemic-Related Fraud

Offshore Account Update

Posted in on April 15, 2022

With some cities reinstating mask requirements and the federal government extending the mask mandate for public transportation, the COVID-pandemic has gained renewed attention in recent weeks. But, the Internal Revenue Service’s Criminal Investigation Division (IRS CI) has maintained its focus on the pandemic all along. IRS CI is continuing to target individuals and businesses suspected of pandemic-related fraud, and it has announced several charges and guilty pleas over the past few months. Here, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some of the most recent examples:Read More

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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Employers: Don’t Underestimate the Risks of a Trust Fund Recovery Penalty Audit

Offshore Account Update

Posted in on March 18, 2022

Employers of all sizes have an obligation to withhold income and FICA taxes from their employees’ paychecks and remit the withheld funds to the Internal Revenue Service (IRS). When employers fail to meet this obligation, they can face the IRS’ Trust Fund Recovery Penalty (TFRP), and they can face additional criminal penalties in some cases.Read More

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

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"The attorneys at Thorn Law Group, PLLC have significant experience in all phases of tax controversy, fraud and tax litigation. The Managing Partner, Kevin Thorn, is incredibly personable, yet also brilliant at what he does. Kevin's depth of knowledge in tax administration and procedure provides us with valuable insight into the government's and the courts' perspectives in our case. I would definitely recommend the firm to anyone with needs in resolving any kind of tax disputes."
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