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Archive by Year:2022 - Page 3

What are the Tax Implications of NFTs?

Posted in News, Offshore Account Update on February 28, 2022

While non-fungible tokens (NFTs) have exploded in popularity over the past year, the Internal Revenue Service (IRS) has yet to provide guidance on the tax treatment of these digital assets. With Tax Day right around the corner, this presents challenges for NFT creators and investors. Even without IRS guidance, U.S. taxpayers must still do their best to comply with the law, as Maryland tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses below. Read More

IRS Issues Several Reminders for the 2022 Tax Season

Posted in News, Offshore Account Update on February 14, 2022

With Tax Day right around the corner, the Internal Revenue Service (IRS) has issued several reminders for U.S. taxpayers. In this article, Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, summarizes some of the key information taxpayers need to know. Read More

COVID-Related Fraud Remains a Priority for IRS CI in 2022

Posted in News, Offshore Account Update on January 31, 2022

Since the start of the pandemic, combatting COVID-related fraud has been a priority for the Internal Revenue Service’s Criminal Investigation Division (IRS CI) and other federal law enforcement authorities. Based on IRS CI’s enforcement activity in January, it appears that combatting COVID-related fraud remains a priority in 2022, and individuals and businesses that are under investigation (or concerned about facing an investigation) should consult with a Maryland criminal tax attorney promptly. Read More

IRS Issues Tax Compliance Reminder for Gig Economy Workers

Posted in News, Offshore Account Update on January 21, 2022

Whether as a secondary source of income or as a result of being laid off during the COVID-19 pandemic, many people turned to the gig economy last year. If you earned gig income in 2021, the Internal Revenue Service (IRS) wants you to know that it expects you to pay what you owe in 2022. Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.   Read More

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