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Category: Hot Topics

Foreign Financial Assets, FBARs and Streamlined Filings: What Maryland Taxpayers Need to Know

Posted in Hot Topics, Offshore Account Update on October 29, 2021

For taxpayers who own offshore bank accounts and other foreign financial assets, filing a Report of Foreign Bank and Financial Accounts (FBAR) is an important part of federal tax compliance. Taxpayers whose accounts exceed the statutory thresholds must file FBARs on an annual basis, and failure to do so can lead to steep penalties. So, what if you haven’t met your FBAR filing obligations? Maryland international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group explains:

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House Bill Proposes New “Wash Sale” Tax Rule for Cryptocurrency

Posted in Hot Topics, News on September 17, 2021

The U.S. House of Representatives has proposed a bill that, if passed, will have significant tax consequences for cryptocurrency investors. The bill proposes a “wash sale” rule for cryptocurrency similar to the rule that exists today for stocks, bonds and other securities. Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: Read More

IRS Warns Taxpayers to Avoid “Typical Tax Return Errors” in 2021

Posted in Hot Topics, News on April 30, 2021

With 2021’s delayed federal tax deadline of May 17 fast approaching, the Internal Revenue Service (IRS) is warning U.S. taxpayers to be careful when preparing their annual returns. On April 20, the agency issued a News Release advising that taxpayers must, “[s]teer clear of typical tax return errors” in order to avoid unwanted scrutiny. Here, Maryland tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, shares his insights on what taxpayers should do to protect themselves. Read More

IRS CI Highlights 2020 Enforcement Efforts During International Fraud Awareness Week

Posted in Hot Topics, News on November 30, 2020

Combating tax fraud at the international level is among the Internal Revenue Service’s top priorities. The IRS’s Criminal Investigations division (IRS CI) is particularly active in this area, and it works with other tax enforcement authorities around the globe to identify, prosecute, and punish individuals and organizations suspected of engaging in fraudulent practices. As Maryland international tax attorneys, we have significant first-hand experience in this area, and we have successfully defended numerous clients in international tax fraud matters involving IRS CI.

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Maryland Taxpayer with Offshore Accounts? Here’s What You Need to Know about FATCA

Posted in Hot Topics, News, Offshore Account Update on October 30, 2020

For U.S. taxpayers who live in Maryland and have funds stored in offshore accounts, federal tax law compliance involves more than simply filing your annual income tax returns. Among various other requirements, ownership of offshore accounts triggers a requirement to comply with the Foreign Account Tax Compliance Act (FATCA). Failure to comply with FATCA can have serious consequences; and, in order to avoid substantial tax penalties, U.S. taxpayers who have offshore accounts need to ensure FATCA compliance with the help of an experienced Maryland offshore tax attorney. Read More

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