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News and Events

Category: Hot Topics

IRS Sends 20,000 ERC Disallowance Letters, Opens ERC Voluntary Disclosure Program

Posted in Hot Topics, News, Offshore Account Update on January 12, 2024

The Internal Revenue Service (IRS) is continuing to target fraud under the pandemic-era Employee Retention Credit (ERC) program. After announcing a withdrawal option in October 2023 for businesses that claimed the ERC improperly, the IRS sent an “initial round” of more than 20,000 disallowance letters to businesses in December. It followed these efforts with the announcement of a limited-time ERC Voluntary Disclosure Program (ERC-VDP) a few weeks later.

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Should Your Business Withdraw Its Employee Retention Credit (ERC) Claim (and What If It’s Already Too Late)?

Posted in Hot Topics, News, Offshore Account Update on October 31, 2023

The Internal Revenue Service (IRS) is giving business owners the opportunity to withdraw invalid Employee Retention Credit (ERC) claims before they trigger audits and investigations. If you have concerns about your business’s ERC claim and think it might be best to withdraw, you should consult with a Maryland tax lawyer promptly. While withdrawing your business’s claim might be the best option, there are other options as well—and the IRS has made clear that withdrawing ERC claims will not insulate business owners from prosecution for attempted tax fraud. Read More

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

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