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.

Taxpayers who own offshore accounts may need to disclose these accounts to the federal government annually using a Report of Foreign Bank and Financial Accounts (FBAR) and/or IRS Form 8938. Failure to file an FBAR or Form 8938 can have serious consequences, so it is imperative that taxpayers who are behind on their offshore account disclosures work diligently to come into compliance. Learn more from Virginia international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.

The One Big Beautiful Bill (OBBB) is now officially federal law. President Trump signed the OBBB into law on July 4, 2025, and many of its provisions have immediate implications for the 2025 tax year. With this in mind, what do taxpayers need to know about the OBBB for 2026? Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

The IRS' “failure to file” penalty begins to accrue immediately as soon as you fall behind on your federal returns. Even if you don’t receive a penalty notice from the IRS, you are still liable for the penalty, and both past-due taxes and penalties begin accruing interest immediately as well. As a result, falling behind on your federal returns can increase your liability significantly. What are your options in this scenario? Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.