Experienced Tax Attorneys

Call Us Confidentially Now: 703-752-3752

Call us confidentially now:

You Deserve Confidentiality & Trusted Tax Law Experience

Get Help Now

News and Events

Category: Hot Topics

Should You Take Those End-of-Year Tax Deductions?

Posted in Hot Topics, News on October 29, 2021

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:

Read More

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

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

IRS: Abuses of Tax Incentives for Constructive Easements Will Not Be Overlooked

Posted in Hot Topics, News on February 25, 2021

Under relevant provisions of the Internal Revenue Code (IRC), U.S. taxpayers who own real estate of historical significance can receive tax breaks for agreeing to preserve their property in its current condition. In the words of the Internal Revenue Service (IRS), “In recognition of our need to preserve our heritage, [the IRC allows] an income tax deduction for owners of significant property who give up certain rights of ownership to preserve their land or buildings for future generations.” Read More

Are You at Risk for Facing Allegations of Cryptocurrency Tax Fraud? Here’s What You Need to Know

Posted in Hot Topics, News on November 30, 2020

If you follow cryptocurrency news, you may have read that the Internal Revenue Service (IRS) is sending yet another round of warning letters to cryptocurrency traders and investors. If this news has you concerned, you will need to carefully review your prior years’ tax filings, and you will want to work with an experienced Virginia tax attorney to make sure that you are not at risk for serious consequences. Read More

Back to the top