Posted in News, Offshore Account Update on September 30, 2020
As a U.S. taxpayer, it is up to you to make sure you meet your obligations to the Internal Revenue Service (IRS) on time. This includes not only paying what you owe but making all requisite filings as well—even if they do not come with tax liability attached. If you fall behind on your federal tax obligations, using one of the IRS' “voluntary compliance” options can help mitigate your exposure; however, you need to be extremely careful in order to avoid increasing your risk of prosecution and penalization. With this in mind, it is important to work with an experienced Virginia tax attorney to decide on your best path forward.
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Posted in Hot Topics, News on August 31, 2020
The Internal Revenue Service (IRS) has distributed another round of warning letters to U.S. taxpayers with Bitcoin and other cryptocurrency holdings. This follows a similar initiative last year. The letters, dated August 14, 2020, are identified as Letter 6173, Letter 6174 and Letter 6174-A. If you have received one of these letters from the IRS, it is important that you speak with a Virginia tax defense attorney promptly.
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Posted in News, Offshore Account Update on July 31, 2020
If you owe money to the Internal Revenue Service (IRS), you have options available for mitigating your liability and reducing your risk of criminal prosecution. However, in order to take advantage of these options, you may need to act quickly, and it will be important to make informed decisions based on the advice of an experienced Virginia IRS voluntary disclosure lawyer.
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Posted in News on June 30, 2020
While the Internal Revenue Service (IRS) delayed Tax Day by three months due to the COVID-19 pandemic, Tax Day is finally upon us, and people who waited to file their federal returns can wait no more. For most people, this signifies the end of thinking about taxes for the rest of the year; but, for some, filing their 2020 return will trigger an audit by the IRS.
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Posted in News on May 29, 2020
A person getting married or divorced in the United States should note the tax implications for doing so. Marriage and divorce are two clearly significant life events. Yet, the tax consequences of both are not widely understood, especially when the couple’s joint tax liability is negatively impacted by the actions or debts of one spouse. Speak to Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, if you have questions or concerns about your tax obligations.
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