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News and Events

Archive by Year:2018

Your Virginia Business Could Be Involved in Illegal Money Laundering

Posted in News on November 30, 2018

If you own a business, you could be at risk of providing an instrument for money laundering. This is especially true if you operate a business where cash transactions are a normal part of day-to-day business operations.

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Taxes and Health Insurance

Posted in News on October 31, 2018

Taxpayers not only need to know the rules regarding issues such as income they earn, deductions they can claim, and forms they must file, but they also need to understand how their health insurance status could impact their taxes. Here are five big ways that health insurance could matter when it comes to income tax issues. Read More

Old Tax Loophole Could Benefit the Wealthy

Posted in News on September 28, 2018

A Virginia tax lawyer can provide insight into how the Tax Cuts and Jobs Act could affect your tax liability. The Tax Cuts and Jobs Act has made fundamental changes to many aspects of the way that businesses and corporations are taxed. Recently, Bloomberg reported that some taxpayers may be able to take advantage of some of the changes in the tax code by using an obscure tax provision that remains in place from the 1960s.

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What's Next for Taxpayers With Undisclosed Foreign Assets?

Posted in News, Offshore Account Update on August 31, 2018

Any U.S. taxpayer is expected to comply with IRS rules and regulations, including in situations where a U.S. affiliated person lives abroad. There are strict rules in the United States for taxpayers who have financial accounts outside of this country, even if those taxpayers are living in a foreign jurisdiction and simply have an account in a bank where they live. Depending on the account's value, requirements may include filing an annual Report of Foreign Bank and Financial Account (FBAR). Taxpayers may also be required to disclose foreign assets by filing Form 8938 with their tax returns. Read More

Managing Partner Kevin E. Thorn - 5 Things You Should Know From the Paul Manafort Trial

Posted in News, Offshore Account Update on August 2, 2018

Managing Partner Kevin E. Thorn was recently asked by a DC news source to comment on former Trump campaign chairman Paul Manafort’s trial taking place in a federal court in Alexandria, Virginia.

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