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News and Events

Archive by Year:2020

2020 Year in Review: COVID-19, Cryptocurrency and Other Tax Issues that Could Lead to Trouble in 2021

Posted in News, Offshore Account Update on December 31, 2020

For many people, 2020 was a year that can’t be forgotten soon enough. But, while 2020 was difficult and indeed tragic for many families, it is important to take the lessons we learned during the year with us into 2021. Read More

FBAR and FATCA: What Virginia Taxpayers Need to Know about Disclosing Their Offshore Assets to the IRS

Posted in News, Offshore Account Update on December 17, 2020

U.S. taxpayers with financial assets overseas have an obligation to report these assets to the federal government. While there are certain thresholds, most individuals and entities with offshore financial assets will need to report them, and failing to do so can lead to substantial penalties. In order to avoid these penalties, it is strongly advised that all U.S. taxpayers with offshore assets consult with a Virginia international tax attorney.

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Are You at Risk for Facing Allegations of Cryptocurrency Tax Fraud? Here’s What You Need to Know

Posted in Hot Topics, News on November 30, 2020

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. Read More

Should You Submit an IRS Offer in Compromise? 5 Questions to Ask Yourself Before You File

Posted in News on November 16, 2020

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. Read More

These are the New Tax Rates, Exemptions and Deductions for 2021

Posted in Hot Topics, News on October 30, 2020

The Internal Revenue Service (IRS) has announced the new federal income tax brackets, exemptions and deduction limits for 2021. The new inflation-based figures take effect for the 2021 tax year, meaning that they will impact U.S. taxpayers’ April 2022 returns. Here, Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, provides a rundown of some of the most-significant changes. Read More

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