U.S. taxpayers who hold offshore bank accounts must report these accounts to the federal government annually. While reporting thresholds apply, most taxpayers’ offshore bank accounts will easily exceed these thresholds—meaning that they must file timely and accurate reports in order to avoid penalties from the Internal Revenue Service (IRS). For those who have failed to comply in the past, coming into compliance is essential, as is making sure they meet their reporting obligations in 2025. Learn more from Washington D.C. international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.

Proactively disclosing violations of the Internal Revenue Code (and other federal tax laws) to the IRS provides an opportunity for U.S. taxpayers to resolve their tax controversies without facing an audit or investigation. But, while IRS disclosures can be extremely beneficial, they can also be extremely risky. As a result, informed decision-making is required, and making informed decisions starts with engaging an experienced Washington D.C. tax attorney who can guide you forward.

The Internal Revenue Service (IRS) has collected $1.3 billion in delinquent taxes from high-income and high-net-worth taxpayers over the past 12 months. These recoveries are the result of two ongoing initiatives specifically focused on high-income and high-net-worth taxpayer compliance. If you fall into one (or both) of these categories, keep reading to learn more from Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.

The Internal Revenue Service (IRS) recently announced that its Office of Promoter Investigations “has received hundreds of referrals” for alleged Employee Retention Credit (ERC) fraud promotion schemes. While the IRS is holding businesses accountable for submitting fraudulent ERC claims, its Office of Promoter Investigations is also targeting tax advisors, accountants and others suspected of encouraging and facilitating fraudulent filings.