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News and Events

Archive by Year:2021

How Do You Correct Mistakes on Your 2020 Tax Return?

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

What should you do if you discover that you made mistakes on your 2020 tax return? If you are asking this question, you are not alone. Many taxpayers discover past filing mistakes when preparing their returns for the subsequent year; and, with all of the turmoil and challenges of 2020, there are plenty of taxpayers who need to correct filing mistakes in 2021. In this article, Maryland IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an overview of the five primary options for fixing past filing mistakes. Read More

IRS Resources for Cryptocurrency Investors

Posted in News, Offshore Account Update on March 19, 2021

The IRS is cracking down on cryptocurrency-related tax fraud in 2021. Over the past two years, the IRS has delivered thousands of “education letters” to cryptocurrency investors, and the agency has made clear that it will be aggressively targeting investors (“through a variety of efforts, ranging from taxpayer education to audits to criminal investigations”) who underreport and underpay their tax liability in 2021. Read More

IRS Issues Important Reminders for Filing Income Tax Returns in 2021

Posted in News on February 26, 2021

Each tax season, the Internal Revenue Service (IRS) publishes a number of important reminders for U.S. taxpayers living domestically and abroad. For the 2021 tax season, the IRS is encouraging taxpayers to ensure that they have all of the documentation they need to file complete returns, and it has provided some tips for taxpayers to avoid other mistakes as well. Here, Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an overview of some of the key information taxpayers need to know: Read More

Can You Trust Your Maryland Tax Preparer?

Posted in News on February 12, 2021

Each tax season, the Internal Revenue Service (IRS) warns taxpayers to be careful about their choice of tax preparers. This year, the IRS is focusing in particular on “ghost” preparers or those who complete taxpayers’ returns but don’t sign their names as required by federal law. Read More

FinCEN Seeks to Mandate FBAR Filings for Offshore Virtual Currency Accounts

Posted in News, Offshore Account Update on January 29, 2021

Under the federal Bank Secrecy Act, U.S. taxpayers who own offshore financial accounts worth $10,000 or more are required to disclose these accounts to the Financial Crimes Enforcement Network (FinCEN) using FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR). At present, this requirement does not apply to offshore virtual currency accounts. However, as Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains below, this may soon change. Read More

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