If you follow cryptocurrency news, you may have read that the Internal Revenue Service (IRS) is sending yet another round of warning letters to cryptocurrency traders and investors. If this news has you concerned, you will need to carefully review your prior years’ tax filings, and you will want to work with an experienced Virginia tax attorney to make sure that you are not at risk for serious consequences.

Are you behind on your federal taxes? If so, addressing your situation proactively is a much better option than waiting for the Internal Revenue Service (IRS) to come knocking. Depending on your current circumstances, you could potentially have a handful of different options available, one of which is to submit an offer in compromise. Here, Virginia tax defense attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, outlines five important considerations for deciding whether to submit an offer in compromise to the IRS.