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Archive by Year:2025

With IRS Criminal Tax Cases on the Rise, Who is At Risk?

Offshore Account Update

Posted in on October 31, 2025

The Internal Revenue Service (IRS) is working with the U.S. Department of Justice (DOJ) to pursue criminal tax cases with increasing frequency. These cases often involve substantial penalties—including large fines and prison time. Who is most at risk, and what can (and should) these taxpayers do to protect themselves? Virginia criminal tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

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IRS: Individual and Corporate Underpayment Interest Rates Staying the Same for Q4 2025

Offshore Account Update

Posted in on October 17, 2025

The Internal Revenue Service (IRS) has announced that the federal individual and corporate underpayment interest rates are staying the same for the fourth quarter of 2025. This means that they have remained unchanged for the entirety of the year. What do you need to know if you owe interest to the IRS? Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

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IRS Investigations Targeting PPP Fraud and ERC Fraud Are On the Rise

Offshore Account Update

Posted in on September 30, 2025

Internal Revenue Service (IRS) investigations targeting Paycheck Protection Program (PPP) fraud and Employee Retention Credit (ERC) fraud are on the rise. Even though both of these pandemic-era programs ended several years ago, the IRS is continuing to aggressively pursue charges against businesses and business owners—and it has ramped up its efforts in recent months. Learn more from Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.

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IRS Audits Are on the Rise in 2025: What Business Owners and High-Income Individuals in Virginia Need to Know

Offshore Account Update

Posted in on September 16, 2025

IRS audits are on the rise. Consistent with plans the IRS announced last year, we are seeing a high level of audit activity in cases involving large businesses and high-income individuals. Learn more from Virginia tax audit lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.

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What is 100% “Bonus" Depreciation and How Does it Work?

Offshore Account Update

Posted in on August 29, 2025

One of the key tax provisions in the One Big Beautiful Bill Act (OBBBA) is a provision that permanently extends the 100% “bonus” depreciation rule adopted under the Tax Cuts and Jobs Act (TCJA) of 2017. What is “bonus” depreciation? When can (and should) businesses claim it? What are the risks involved? Virginia business tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

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