Posted in News, Offshore Account Update on May 28, 2021
In May 2021, the U.S. Treasury Department released its American Families Plan Tax Compliance Agenda (the “Agenda”). The Agenda includes numerous proposals, including several that would significantly enhance the IRS’ enforcement tools and resources in 2021 and beyond. Here, Maryland tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some of the key proposals of which taxpayers should be aware.
Read More
Posted in News, Offshore Account Update on May 14, 2021
Under a new Biden administration proposal, the IRS may be significantly increasing its efforts to target delinquent taxpayers in 2021 and beyond. The proposal seeks to raise approximately $700 billion in revenue over the next 10 years by closing the “tax gap,” and this will require the IRS to conduct significantly more audits in the decade to come. So, are you at risk of being audited? In this article, Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some of the most common triggers for IRS audits.
Read More
