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News and Events

Category: Offshore Account Update

What Constitutes “Reasonable Cause” for a Delinquent FBAR?

Posted in News, Offshore Account Update on October 15, 2021

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

Tax Considerations for Businesses Entering VA’s Adult-Use Cannabis Marketplace

Posted in News, Offshore Account Update on September 30, 2021

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

Tax Deductions for Conservation Easements Face IRS and DOJ Scrutiny

Posted in News, Offshore Account Update on July 30, 2021

The Internal Revenue Service (IRS) and the U.S. Department of Justice (DOJ) are targeting taxpayers suspected of fraudulently claiming tax deductions related to conservation easements. The deductions for charitable contributions of conservation easements are intended to promote the preservation of natural resources and historical infrastructure. However, many taxpayers claim these deductions improperly, and these “abusive” deductions result in substantial revenue losses for the U.S. government. Here, Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses the qualifications for claiming a conservation easement deduction and the risks of taking “abusive” deductions in violation of federal law. Read More

IRS Issues Updated Warning about Tax Scams Targeting U.S. Taxpayers

Posted in News, Offshore Account Update on July 16, 2021

The Internal Revenue Service (IRS) recently issued a News Release warning about tax scams targeting U.S. taxpayers. The News Release follows similar warnings issued previously; and, as noted by Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, taxpayers who fall victim to these scams can face a variety of challenges. Read More

What Filing Mistakes are Likely to Trigger IRS Audits in 2021?

Posted in News, Offshore Account Update on May 28, 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

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