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News and Events

Category: News

What To Do if You Missed the October 15 FBAR Deadline

Posted in News, Offshore Account Update on October 15, 2021

The deadline to file FBARs for the 2020 tax year expired on October 15, 2021. For taxpayers who missed the deadline, simply filing late can have significant negative consequences. However, there are a few options available for remedying delinquent FBAR filings—including one option that eligible taxpayers can use to avoid penalties entirely. Maryland FBAR attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: Read More

IRS Awards New Contracts to Three Private-Sector Collection Agencies

Posted in News, Offshore Account Update on September 30, 2021

The IRS recently announced that it has awarded new contracts to three private-sector collection agencies. According to the IRS, “[b]eginning Thursday, Sept. 23, 2021, taxpayers with unpaid tax bills may be contacted by one of [these] agencies,” regarding collection. As Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, facing the collection of unpaid federal tax debt is a serious matter, and taxpayers who dispute their tax liability or are unable to pay should not simply ignore these agencies’ efforts to contact them. Read More

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

What Should Crypto Investors Be Doing to Prepare for Tax Day 2022?

Posted in News on August 31, 2021

The Internal Revenue Service (IRS) is cracking down on cryptocurrency investors, and it appears likely that the IRS will have new enforcement tools at its disposal once President Biden signs the pending infrastructure bill into law. As a result, investors will need to be more careful than ever when preparing their tax returns next year. To ensure that they are ready, investors should begin preparing now—and they should make sure they have the documentation they will need to accurately prepare their returns in 2022. Here are some tips from Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group. Read More

IRS CI Continues To Target COVID-Related Tax Fraud

Posted in News, Offshore Account Update on August 13, 2021

Since the early days of the pandemic, the Internal Revenue Service’s Criminal Investigation Division (IRS CI) has been targeting individuals and companies suspected of COVID-related tax fraud. Now, more than a year and a half later, IRS CI is continuing to pursue a large number of investigations focused on violations of the CARES Act and other pandemic relief statutes. Taxpayers targeted in these investigations must defend themselves by all means available, and this starts with hiring an experienced Maryland criminal tax attorney.   Read More

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