New IRS Regulation Establishes Disclosure Requirements for Certain Partnership “Basis Shifting” Transactions
Offshore Account UpdatePosted in on January 17, 2025
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Category: Offshore Account Update - Page 3
The Internal Revenue Service (IRS) has adopted new regulations that establish disclosure requirements for certain partnership “basis shifting” transactions. These new disclosure requirements apply to both future transactions and transactions closed within a six-year lookback period, and failure to comply can expose partnerships, individual partners and their advisors to substantial liability. Learn more from Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.Read More
If you’ve just experienced an IRS raid, you probably have a lot of questions. But, there are also several critical questions that you might not necessarily know to ask. In this scenario, informed decision-making is critical, and there is a lot of information that you need to ensure that you are presenting an effective defense. Learn more from Washington D.C. criminal tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.Read More
IRS Remains Focused on PPP and ERC Fraud Heading Into 2025
News, Offshore Account UpdatePosted in on December 20, 2024
While the Internal Revenue Service (IRS) consistently enforces all aspects of federal tax compliance, it also prioritizes certain specific aspects of compliance from time to time. The agency’s recently released 2024 Financial Report provides some valuable insight into its enforcement priorities for 2025. Learn more from Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.Read More
Pass-Through Entity Tax Compliance Will Be a Priority for the IRS in 2025
Hot Topics, Offshore Account UpdatePosted in on November 15, 2024
More partnerships, S-corporations, limited liability companies (LLCs) and trusts can expect to face scrutiny from the Internal Revenue Service (IRS) in 2025. The same is true for individuals who own these pass-through entities. The IRS recently announced the formation of a new pass-through field operations unit that will be “increase[ing] audit rates” in this area, with a specific focus on high-income taxpayer noncompliance. Learn more from Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.
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