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Archive by Month: June 2021

Are Cryptocurrency Trades Eligible for Like-Kind Exchange Treatment Under Section 1030?

Posted in News on June 30, 2021

Under Section 1030 of the Internal Revenue Code, transactions that qualify as like-kind exchanges are eligible for tax deferral. As summarized by Internal Revenue Service (IRS), Section 1030, “allows you to postpone paying tax on the gain [from a sale] if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange.” While cryptocurrency trades might seem like like-kind exchanges, a recent Memorandum from the IRS Office of Chief Counsel indicates that this isn’t necessarily the case. Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: Read More

2020 Was a Busy Year for IRS Criminal Investigations

Posted in News on June 16, 2021

The Internal Revenue Service’s Criminal Investigation Division (IRS CI) recently released its Annual Report for 2020. Despite the impacts of the COVID-19 pandemic, IRS CI still had a very busy year. The Annual Report sheds light on some of the agency’s current priorities and initiatives, and it makes clear that IRS CI will be continuing to aggressively target taxpayers in 2021. Here, Maryland tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some of the most notable data from the report. Read More

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