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Archive by Year:2021 - Page 3

IRS Publishes 2021 Guidance: How to Report Foreign Bank and Financial Accounts

Posted in News on July 30, 2021

The Internal Revenue Service (IRS) recently published an online resource titled, “How to Report Foreign Bank and Financial Accounts”. Importantly, while this resource provides some useful guidance, taxpayers must be careful to make their own decisions independent of the IRS’ recommendations—as Maryland international tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains below: Read More

Maryland Tax Preparer Among Several Convicted and Sentenced in 2021

Posted in News on July 16, 2021

On July 1, 2021, a federal jury convicted a Maryland tax preparer of preparing false returns for three clients resulting in more than $1.1 million in fraudulent refunds. She is scheduled to be sentenced in September and faces up to three years in prison for each count. Notably, this is just one of several recent cases targeting tax preparers on the East Coast. With this in mind, local tax preparers who are concerned about facing scrutiny from the Internal Revenue Service (IRS) should consult with a Maryland criminal tax attorney promptly. Read More

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

IRS Could Get Significant Boost in Enforcement Resources in 2021

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

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