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News and Events

Category: Offshore Account Update

IRS Could Get Significant Boost in Enforcement Resources in 2021

Posted in News, Offshore Account Update on May 28, 2021

In May 2021, the U.S. Treasury Department released its American Families Plan Tax Compliance Agenda (the “Agenda”). The Agenda includes numerous proposals, including several that would significantly enhance the IRS’ enforcement tools and resources in 2021 and beyond. Here, Maryland tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some of the key proposals of which taxpayers should be aware. Read More

Are You a Prime Target for an IRS Audit in 2021?

Posted in News, Offshore Account Update on May 14, 2021

Under a new Biden administration proposal, the IRS may be significantly increasing its efforts to target delinquent taxpayers in 2021 and beyond. The proposal seeks to raise approximately $700 billion in revenue over the next 10 years by closing the “tax gap,” and this will require the IRS to conduct significantly more audits in the decade to come. So, are you at risk of being audited? In this article, Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some of the most common triggers for IRS audits. Read More

It’s Already Been a Busy Year for IRS CI

Posted in News, Offshore Account Update on April 16, 2021

After being slowed by the COVID-19 pandemic in 2020, the Internal Revenue Service’s Criminal Investigation Division (IRS CI) is aggressively targeting taxpayers in 2021. IRS CI announced well over 100 criminal investigations in March, and it is set to surpass this monthly total in April. This far exceeds the monthly totals from the same time period last year. As Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, IRS CI’s recent enforcement activity highlights some notable trends for U.S. taxpayers residing both domestically and abroad. Read More

How Do You Correct Mistakes on Your 2020 Tax Return?

Posted in News, Offshore Account Update on March 31, 2021

What should you do if you discover that you made mistakes on your 2020 tax return? If you are asking this question, you are not alone. Many taxpayers discover past filing mistakes when preparing their returns for the subsequent year; and, with all of the turmoil and challenges of 2020, there are plenty of taxpayers who need to correct filing mistakes in 2021. In this article, Maryland IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an overview of the five primary options for fixing past filing mistakes. Read More

IRS Resources for Cryptocurrency Investors

Posted in News, Offshore Account Update on March 19, 2021

The IRS is cracking down on cryptocurrency-related tax fraud in 2021. Over the past two years, the IRS has delivered thousands of “education letters” to cryptocurrency investors, and the agency has made clear that it will be aggressively targeting investors (“through a variety of efforts, ranging from taxpayer education to audits to criminal investigations”) who underreport and underpay their tax liability in 2021. Read More

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