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News and Events

Archive by Year:2021

What Filing Mistakes are Likely to Trigger IRS Audits in 2021?

Posted in News, Offshore Account Update on May 28, 2021

Individual and business taxpayers need to be careful to completely and accurately disclose their taxable income on their annual returns. Inaccuracies and inconsistencies – both intentional and unintentional – can lead to Internal Revenue Service (IRS) scrutiny, and this scrutiny can, in turn, lead to fines, interest and other penalties. Here, Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some particular filing mistakes that are likely to trigger IRS audits in 2021: Read More

What to Do if You Didn’t File an FBAR By April 15, 2021

Posted in News, Offshore Account Update on May 14, 2021

When the Internal Revenue Service (IRS) extended the federal income tax filing deadline to May 17 for 2021, this extension did not apply to the obligation to file a Report of Foreign Bank and Financial Accounts (FBAR) with the Financial Crimes Enforcement Network (FinCEN). So, if you did not file your FBAR by April 15, what do you need to do? Virginia international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: Read More

What Filing Mistakes are Likely to Trigger IRS Audits in 2021?

Posted in Hot Topics, News, Offshore Account Update on April 30, 2021

Individual and business taxpayers need to be careful to completely and accurately disclose their taxable income on their annual returns. Inaccuracies and inconsistencies – both intentional and unintentional – can lead to Internal Revenue Service (IRS) scrutiny, and this scrutiny can, in turn, lead to fines, interest and other penalties. Here, Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some particular filing mistakes that are likely to trigger IRS audits in 2021: Read More

What to Do if You Didn’t File an FBAR By April 15, 2021

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

When the Internal Revenue Service (IRS) extended the federal income tax filing deadline to May 17 for 2021, this extension did not apply to the obligation to file a Report of Foreign Bank and Financial Accounts (FBAR) with the Financial Crimes Enforcement Network (FinCEN). So, if you did not file your FBAR by April 15, what do you need to do? Virginia international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: Read More

What are the Options for Voluntarily Disclosing Offshore Assets in 2021?

Posted in News, Offshore Account Update on March 31, 2021

If you own foreign financial assets, you may have an obligation to disclose these assets to the IRS. Under the Foreign Account Tax Compliance Act (FATCA), U.S. taxpayers must report foreign financial assets that have an aggregate maximum value (AMV) of $50,000 or more at any point during the relevant tax year (this is in addition to the FBAR requirement for offshore accounts with an AMV of $10,000 or more). If you are subject to FATCA, what are your voluntary disclosure options in 2021? Virginia offshore tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: Read More

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