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News and Events

Archive by Year:2021

Important New Tax Changes on the Horizon for Cryptocurrency Investors

Posted in Hot Topics, News on September 17, 2021

Two bills currently pending in Congress could result in important changes for cryptocurrency investors. One bill, the Senate infrastructure bill, proposes enhanced reporting requirements that would make it easier for the IRS to enforce cryptocurrency investors’ income tax obligations. The other, a bill pending in the House, would prevent cryptocurrency investors from claiming certain losses. According to Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, cryptocurrency investors should monitor both legislative efforts, and they should take proactive steps to ensure federal tax law compliance going forward. Read More

Should Your Company Apply for the IRS’ Compliance Assurance Process (CAP) Program?

Posted in News on August 31, 2021

The IRS recently announced the opening of the application period for the 2022 Compliance Assurance Process (CAP) program. The application period runs from September 1 to November 1, 2021. While the CAP program can be a good option for some companies, participating in the program also carries certain risks. As a result, prior to applying for the program, company executives will want to thoroughly discuss their options with an experienced Virginia business tax attorney. Read More

What You Need to Know Before Filing an Offer in Compromise with the IRS

Posted in News on August 13, 2021

If you are behind on your federal income tax liability, you may be thinking about submitting an Offer in Compromise (OIC) to the Internal Revenue Service (IRS). It would be nice to put your tax debt behind you, and plenty of companies offer to work with the IRS on your behalf to settle your debt for pennies on the dollar. Unfortunately, as the IRS explains, many of these offers are fraudulent. While it is possible to pay less than you owe, settling your tax debt with the IRS is not an easy process, and it is important to work with an experienced Virginia tax attorney to make sure you meet the requirements for submitting an acceptable OIC.   Read More

Tax Deductions for Conservation Easements Face IRS and DOJ Scrutiny

Posted in News, Offshore Account Update on July 30, 2021

The Internal Revenue Service (IRS) and the U.S. Department of Justice (DOJ) are targeting taxpayers suspected of fraudulently claiming tax deductions related to conservation easements. The deductions for charitable contributions of conservation easements are intended to promote the preservation of natural resources and historical infrastructure. However, many taxpayers claim these deductions improperly, and these “abusive” deductions result in substantial revenue losses for the U.S. government. Here, Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses the qualifications for claiming a conservation easement deduction and the risks of taking “abusive” deductions in violation of federal law. Read More

IRS Issues Updated Warning about Tax Scams Targeting U.S. Taxpayers

Posted in News, Offshore Account Update on July 16, 2021

The Internal Revenue Service (IRS) recently issued a News Release warning about tax scams targeting U.S. taxpayers. The News Release follows similar warnings issued previously; and, as noted by Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, taxpayers who fall victim to these scams can face a variety of challenges. Read More

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