News and Events

Taxpayers not only need to know the rules regarding issues such as income they earn, deductions they can claim, and forms they must file, but they also need to understand how their health insurance status could impact their taxes. Here are five big ways that health insurance could matter when it comes to income tax issues. Read More

A Virginia tax lawyer can provide insight into how the Tax Cuts and Jobs Act could affect your tax liability. The Tax Cuts and Jobs Act has made fundamental changes to many aspects of the way that businesses and corporations are taxed. Recently, Bloomberg reported that some taxpayers may be able to take advantage of some of the changes in the tax code by using an obscure tax provision that remains in place from the 1960s.

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Any U.S. taxpayer is expected to comply with IRS rules and regulations, including in situations where a U.S. affiliated person lives abroad. There are strict rules in the United States for taxpayers who have financial accounts outside of this country, even if those taxpayers are living in a foreign jurisdiction and simply have an account in a bank where they live. Depending on the account's value, requirements may include filing an annual Report of Foreign Bank and Financial Account (FBAR). Taxpayers may also be required to disclose foreign assets by filing Form 8938 with their tax returns.

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Managing Partner Kevin E. Thorn was recently asked by a DC news source to comment on former Trump campaign chairman Paul Manafort’s trial taking place in a federal court in Alexandria, Virginia.

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While you are required to file your taxes by April each year, sometimes taxpayers need to make changes to the original tax returns that they have filed. In these circumstances, filing an amended return could become necessary.

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