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Category: Offshore Account Update - Page 12

The IRS is Overloaded—But That Doesn’t Mean Taxpayers Can Relax in 2022

Posted in News, Offshore Account Update on January 31, 2022

The Internal Revenue Service (IRS) recently published an update to the status of its operations during the COVID pandemic, and this led to a wave of media coverage warning taxpayers to be prepared for an “overloaded” IRS during the 2022 filing season. But, while some of the IRS’s operations may be behind schedule, this does not mean that taxpayers can afford to relax. As Virginia IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, taxpayers must be as careful as ever to ensure that they are meeting their federal obligations. Read More

IRS Issues Updated FAQs for the 2021 Tax Year

Posted in News, Offshore Account Update on January 21, 2022

The Internal Revenue Service (IRS) recently released several sets of updated FAQs for U.S. taxpayers. The updated FAQs are intended to help taxpayers address a variety of specific issues as they prepare their annual returns for the 2021 tax year. In this article, Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, covers some of the highlights: Read More

2021 Year in Review: What Virginia Taxpayers Need to Know for 2022

Posted in News, Offshore Account Update on December 31, 2021

As we close the book on 2021, U.S. taxpayers need to be looking ahead to 2022. Tax season is right around the corner, and those who make mistakes can expect to hear from the Internal Revenue Service (IRS). In this article, Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, recaps some of the top tax stories from 2021 that will continue to impact taxpayers in the New Year (and beyond). Read More

IRS Publishes New Guidance on Offer in Compromise (OIC) Program

Posted in News, Offshore Account Update on December 17, 2021

As a general rule, the Internal Revenue Service (IRS) expects U.S. taxpayers to pay the full amount they owe. However, the IRS also recognizes that some taxpayers – both individuals and businesses – will find themselves in circumstances in which fully paying their outstanding tax liability is not tenable. In these circumstances, the IRS allows qualifying taxpayers to submit an offer in compromise (OIC). The IRS recently published new guidance regarding the OIC program, which Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses below: Read More

IRS CI: 93 Percent of Assets Seized in 2021 Were Cryptocurrency

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

The Internal Revenue Service’s Criminal Investigation Division (IRS CI) recently released its FY 2021 Annual Report. While the Annual Report contains some notable statistics and other information about IRS CI’s enforcement efforts over the prior year, one figure stands out in particular. Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: Read More

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