Posted in News, Offshore Account Update on December 17, 2021
The Offer in Compromise (OIC) program provides an opportunity for eligible U.S. taxpayers to settle their outstanding tax debt for less than the full amount they owe. Recently, the Internal Revenue Service (IRS) published a series of videos explaining the OIC application process and warning of common scams involving the OIC program. In this article, Maryland IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some of the key aspects of the OIC program and offers some key insights for taxpayers who are interested in pursuing an offer in compromise.
Read More
Posted in News, Offshore Account Update on November 30, 2021
During its 2021 fiscal year, Internal Revenue Service Criminal Investigation (IRS CI) initiated more than 2,500 investigations resulting in approximately 1,250 sentencings. IRS CI increased its staffing during FY 2021, and it undertook various initiatives to increase its footprint in the U.S. and abroad. So, are you (or is your business) a possible target for IRS CI in 2022? In this article, Maryland tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, shares some key insights for U.S. taxpayers heading into the new year.
Read More
Posted in News, Offshore Account Update on November 12, 2021
It’s the Holiday Season, and that means that tax season is right around the corner. It also means that U.S. taxpayers need to be careful to protect themselves from tax scams. The IRS notes that “[i]n recent years, tax schemes and scams have been on the rise,” and it is warning taxpayers about two types of schemes, in particular, this year. Maryland IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:
Read More
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:
Read More
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