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Category: News - Page 2

Year-Round Tax Planning Tips for High-Income Taxpayers: How to Avoid a Tax Audit in 2023

Posted in News, Offshore Account Update on June 30, 2022

For business owners, investors and other high-income taxpayers, tax planning is a year-round process. These taxpayers must take steps to ensure that they remain current on their federal and state tax obligations, and they should implement tax strategies designed to minimize their liability to the greatest extent possible. In this article, Maryland federal tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some ways high-income taxpayers can—and should—plan to minimize their tax liability and avoid a tax audit in 2023.  

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Failure to Pay Quarterly Estimated Taxes Can Lead to Trouble with the IRS for Maryland Taxpayers

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. Read More

IRS Publishes Tax Reminders Regarding Home Sales

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: Read More

IRS Issues Several Reminders for National Small Business Week 2022

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: Read More

You Missed the April 18, 2022 Tax Deadline. What Now?

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. Read More

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