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Archive by Year:2020

2020 Year in Review: What Do Maryland Taxpayers Need to Know about IRS Compliance in 2021?

Posted in News, Offshore Account Update on December 31, 2020

While the end of 2020 is likely to mean many different things to many different people, one thing that it means for everyone is that Tax Day will be here before we know it. As we head into 2021, it is important to keep the impending filing deadline in mind—and to take appropriate steps to ensure that you are not putting yourself at risk for an IRS audit or investigation. There is a lot you need to know, and we covered some important issues for Maryland residents on our blog throughout the year. Here is a look back at 10 of the top articles published by Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, in 2020: Read More

If I File IRS Form 8938, Do I Also Need to File an FBAR?

Posted in News, Offshore Account Update on December 17, 2020

Owning foreign financial assets triggers disclosure requirements for U.S. taxpayers; and, as we discussed previously, filing FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR), is not enough for many individuals and businesses. But, what if you file IRS Form 8938? Does this satisfy your FBAR filing requirements? Here, Maryland offshore tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains why filing Form 8938 alone may or may not be enough to protect you from IRS scrutiny. Read More

IRS CI Highlights 2020 Enforcement Efforts During International Fraud Awareness Week

Posted in Hot Topics, News on November 30, 2020

Combating tax fraud at the international level is among the Internal Revenue Service’s top priorities. The IRS’s Criminal Investigations division (IRS CI) is particularly active in this area, and it works with other tax enforcement authorities around the globe to identify, prosecute, and punish individuals and organizations suspected of engaging in fraudulent practices. As Maryland international tax attorneys, we have significant first-hand experience in this area, and we have successfully defended numerous clients in international tax fraud matters involving IRS CI.

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How Do You Settle Your IRS Tax Liability with an Offer in Compromise?

Posted in News on November 16, 2020

If you are behind on your federal income taxes, you may be interested in negotiating a tax settlement. If you can get rid of your tax debt while also paying less than the full amount you owe, pursuing this option could give you a fresh start while relieving you of the burden of owing money to the federal government. Read More

Maryland Taxpayer with Offshore Accounts? Here’s What You Need to Know about FATCA

Posted in Hot Topics, News, Offshore Account Update on October 30, 2020

For U.S. taxpayers who live in Maryland and have funds stored in offshore accounts, federal tax law compliance involves more than simply filing your annual income tax returns. Among various other requirements, ownership of offshore accounts triggers a requirement to comply with the Foreign Account Tax Compliance Act (FATCA). Failure to comply with FATCA can have serious consequences; and, in order to avoid substantial tax penalties, U.S. taxpayers who have offshore accounts need to ensure FATCA compliance with the help of an experienced Maryland offshore tax attorney. Read More

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