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News and Events

Category: Offshore Account Update

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

What to Do if You Didn’t File an FBAR By April 15, 2021

Posted in News, Offshore Account Update on May 14, 2021

When the Internal Revenue Service (IRS) extended the federal income tax filing deadline to May 17 for 2021, this extension did not apply to the obligation to file a Report of Foreign Bank and Financial Accounts (FBAR) with the Financial Crimes Enforcement Network (FinCEN). So, if you did not file your FBAR by April 15, what do you need to do? Virginia international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: 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

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