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.

The Data Book is an annual publication in which the Internal Revenue Service (IRS) highlights several aspects of its collection and enforcement efforts over the prior year. The IRS recently released its Data Book for fiscal year 2024. Here, Virginia IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, shares some key insights from the 2024 Data Book.

If you have received an audit notice from the Internal Revenue Service (IRS), you need to be careful. Regardless of whether you are behind on your federal tax obligations (or your business is behind on its federal tax obligations), you will need to play a proactive role in the audit process—and you will need to be careful to avoid mistakes that could lead to unnecessary consequences. Learn more from the Virginia tax audit lawyers at Thorn Law Group.