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News and Events

Category: Offshore Account Update

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

What Are Your Options if You Can’t Pay Your Tax Bill?

Posted in News, Offshore Account Update on April 15, 2022

What are your options if you can’t afford to pay your tax bill? This is a question that many Maryland taxpayers are forced to ask each year. Depending on your circumstances, you may have several options available, all of which involve paying at least some of your tax liability to the Internal Revenue Service (IRS). Maryland tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: Read More

IRS Audits Targeting Cryptocurrency and NFTs: What Taxpayers Need to Know in 2022

Posted in News, Offshore Account Update on March 31, 2022

Cryptocurrency investing and non-fungible tokens (NFTs) hit the mainstream during the COVID-19 pandemic. But, even before the recent boom, digital assets were already on the Internal Revenue Service’s (IRS) radar. The IRS has been prioritizing enforcement related to Bitcoin and other digital assets for years; and, as the popularity of digital assets has grown, the IRS’s interest in these assets has grown as well. In this article, Maryland tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what cryptocurrency and NFT investors need to know in 2022: Read More

IRS Reminds Taxpayers to File On Time to Avoid Costly Interest and Penalties

Posted in News, Offshore Account Update on March 18, 2022

With Tax Day less than a month away, the Internal Revenue Service (IRS) is reminding taxpayers that they need to file on time in order to avoid costly interest and penalties. In this article, Maryland tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses the consequences of failing to file on time and what taxpayers should do if they cannot afford to pay what they owe on April 18. Read More

What are the Tax Implications of NFTs?

Posted in News, Offshore Account Update on February 28, 2022

While non-fungible tokens (NFTs) have exploded in popularity over the past year, the Internal Revenue Service (IRS) has yet to provide guidance on the tax treatment of these digital assets. With Tax Day right around the corner, this presents challenges for NFT creators and investors. Even without IRS guidance, U.S. taxpayers must still do their best to comply with the law, as Maryland tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses below. Read More

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