Posted in News, Offshore Account Update on June 16, 2022
Maryland taxpayers must make quarterly estimated tax payments to the Internal Revenue Service (IRS) (and the Comptroller of Maryland) under various circumstances. While the most common scenario involves working as a sole proprietor or independent contractor, there are numerous other scenarios that can trigger an obligation to make quarterly tax payments as well. In this article, Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an overview of the IRS’s quarterly estimated tax payment rules and the consequences of failing to file quarterly returns.
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Posted in News, Offshore Account Update on May 31, 2022
With prices climbing dramatically due to inventory shortages and historically low-interest rates early in the year, many U.S. residents have chosen to sell their homes in 2022. In response, the IRS recently published a Tax Tip reminding us of the tax implications of selling a residential property. In this article, Maryland tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, covers some of the highlights:
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Posted in News, Offshore Account Update on May 20, 2022
National Small Business Week was May 1- 7, 2022, as recognized by the Internal Revenue Service (IRS). During the week the IRS published several notices, reminders and Tax Tips intended specifically for small businesses—all focused on the IRS’ theme of “Building a Better America Through Entrepreneurship.” In this article, Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, recaps some of the highlights:
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Posted in News, Offshore Account Update on April 29, 2022
If you failed to file your income taxes by April 18, 2022, you are not alone. Forbes estimates that around seven million U.S. taxpayers fail to file their returns each year. But, this doesn’t mean that you are in the clear. Federal tax violations can lead to steep penalties—including criminal penalties in some cases.
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Posted in News, Offshore Account Update on April 15, 2022
What are your options if you can’t afford to pay your tax bill? This is a question that many Maryland taxpayers are forced to ask each year. Depending on your circumstances, you may have several options available, all of which involve paying at least some of your tax liability to the Internal Revenue Service (IRS). Maryland tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:
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