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Every year around this time, we start to see articles pop up online about steps individuals and businesses can take to reduce their income tax liability. Many of these articles focus on end-of-year tax deductions. But, is taking these end-of-year tax deductions really a good idea? Or, could doing so get you into trouble with the Internal Revenue Service (IRS)? Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

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The IRS is unforgiving when it comes to delinquent FBARs. However, there is one significant exception: The IRS does not penalize taxpayers who can show that their failure to file was due to “reasonable cause.” In this article, Virginia FBAR attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains how the IRS evaluates claims of “reasonable cause.” Read More