News and Events

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:

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The IRS is unforgiving when it comes to delinquent FBARs. However, there is one significant exception: The IRS does not penalize taxpayers who can show that their failure to file was due to “reasonable cause.” In this article, Virginia FBAR attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains how the IRS evaluates claims of “reasonable cause.” Read More

When Virginia’s Cannabis Control Act took effect on July 1, 2021, it set the stage for the commercial sale of recreational, adult-use cannabis in the Commonwealth. While it will not be legal to sell recreational cannabis in Virginia until 2024, many businesses and entrepreneurs are already in the process of preparing to file their license applications with the Cannabis Control Authority and take all of the various other steps that will be necessary to hit the ground running. As Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, now is the time for cannabis businesses and entrepreneurs in Virginia to begin thinking about some important tax considerations as well. Read More

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

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