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Archive by Year:2020 - Page 2

How Can a Tax Lawyer Help if You Have Failed to Report Your Offshore Accounts to the IRS?

Posted in News, Offshore Account Update on September 30, 2020

Many U.S. taxpayers are unaware that they have an obligation to disclose their offshore accounts to the Internal Revenue Service (IRS). Even if you do not owe any tax as a result of your foreign holdings, you must still report them, and failing to do so can lead to substantial liability.

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What Do U.S. Taxpayers Need to Know About International IRS Tax Audits?

Posted in News on August 31, 2020

The Internal Revenue Service (IRS) enforces taxpayers’ obligations whether they live in the United States or abroad, and whether they incur their federal income tax obligations in the U.S. or overseas. As a result, regardless of where you live, and regardless of where you hold your assets or earn your income, if you underreport or underpay your U.S. income tax there is a good chance that you will eventually be audited by the IRS. Read More

IRS Audit? Don’t Make These Common Mistakes

Posted in News on August 17, 2020

While the IRS conducts hundreds of thousands of audits every year, if you are being audited, this is far from a routine situation. If you are not careful, your IRS audit could lead to substantial liability; and, depending on what the auditors find, it could potentially even lead to allegations of criminal tax fraud. Here, Maryland tax defense attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses five critical mistakes to avoid if you are being audited by the IRS. Read More

What are the Risks of Using the IRS’ Voluntary Disclosure Practice?

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

The IRS’ Voluntary Disclosure Practice is a “compliance option” for U.S. taxpayers who are at risk for federal prosecution due to the commission of tax crimes and certain tax-related offenses. If you believe that you may be guilty of a federal crime, taking advantage of the Voluntary Disclosure Practice could be a good option. However, there are major risks involved in voluntarily disclosing criminal activity to the IRS; and, in order to protect yourself, you will need to rely on the advice of an experienced Maryland voluntary disclosure attorney.

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The IRS is Auditing My 2020 Tax Return. What Should I Do?

Posted in News on June 30, 2020

If the Internal Revenue Service (IRS) is auditing your 2020 tax return, there are some important steps you need to take, and there are also some critical miscues you need to avoid. While it is possible to resolve an IRS audit without additional liability in many cases, an audit can also lead to additional tax plus interest and penalties, and it can potentially trigger a criminal tax fraud investigation as well. In order to avoid unnecessary consequences, you need to rely on the advice of an experienced Maryland tax lawyer, and you should schedule an appointment to speak with a lawyer as soon as possible. Read More

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