Experienced Tax Attorneys

Call Us Confidentially Now: 703-752-3752

Call us confidentially now:

You Deserve Confidentiality & Trusted Tax Law Experience

Get Help Now
News and Events

2021 Year in Review: What Virginia Taxpayers Need to Know for 2022

News, Offshore Account Update

Posted in on December 31, 2021

As we close the book on 2021, U.S. taxpayers need to be looking ahead to 2022. Tax season is right around the corner, and those who make mistakes can expect to hear from the Internal Revenue Service (IRS). In this article, Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, recaps some of the top tax stories from 2021 that will continue to impact taxpayers in the New Year (and beyond).

Here’s What Taxpayers Need to Know for 2022 If…

…They Invest in Cryptocurrency

The IRS has made clear that it will be placing cryptocurrency investors under the microscope going forward. IRS Criminal Investigation (IRS CI) recently reported that 2021 was a banner year for enforcement; and, with new tools at its disposal, the agency won’t be holding back in 2022. Learn more:

…They Own Offshore Financial Assets

Individuals and businesses that own offshore financial assets have reporting obligations that don’t apply to other taxpayers. Failure to comply with these obligations can lead to substantial penalties, but taxpayers that have fallen behind on their filings can take steps to mitigate their liability in some cases. Learn more:

…They are Planning to Open a Legal Cannabis Business in Virginia

Virginia joined the growing number of states legalizing the recreational use of cannabis in 2021, and Virginia’s new Cannabis Control Authority is in the process of developing regulations that will govern the Commonwealth’s adult-use cannabis marketplace in the years to come. For companies planning to enter the marketplace, now is the time to start thinking about tax compliance. Learn more: Tax Considerations for Businesses Entering VA’s Adult-Use Cannabis Marketplace

…They’ve Made Past Filing Mistakes

For taxpayers who have made filing mistakes in the past, correcting these mistakes proactively can significantly mitigate their liability. These articles provide some important information for those who made mistakes in 2021 (or in prior tax years):

…They Want to Avoid Problems with the IRS in 2022

Facing an IRS audit or investigation is never easy, and it is something that both individual and corporate taxpayers should avoid if at all possible. So, what can you (or your company) do to avoid IRS scrutiny in 2022? Here are some key considerations:

Schedule a Consultation with Virginia Tax Lawyer Kevin E. Thorn

Our firm provides experienced legal representation for individuals and businesses that are facing problems with the IRS. If you have questions or concerns about federal tax compliance heading into 2022, call 703-752-3752, email ket@thornlawgroup.com or get in touch online to schedule a consultation with Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.

Back to the top