For many people, 2020 was a year that can’t be forgotten soon enough. But, while 2020 was difficult and indeed tragic for many families, it is important to take the lessons we learned during the year with us into 2021.

U.S. taxpayers with financial assets overseas have an obligation to report these assets to the federal government. While there are certain thresholds, most individuals and entities with offshore financial assets will need to report them, and failing to do so can lead to substantial penalties. In order to avoid these penalties, it is strongly advised that all U.S. taxpayers with offshore assets consult with a Virginia international tax attorney.

If you follow cryptocurrency news, you may have read that the Internal Revenue Service (IRS) is sending yet another round of warning letters to cryptocurrency traders and investors. If this news has you concerned, you will need to carefully review your prior years’ tax filings, and you will want to work with an experienced Virginia tax attorney to make sure that you are not at risk for serious consequences.

Are you behind on your federal taxes? If so, addressing your situation proactively is a much better option than waiting for the Internal Revenue Service (IRS) to come knocking. Depending on your current circumstances, you could potentially have a handful of different options available, one of which is to submit an offer in compromise. Here, Virginia tax defense attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, outlines five important considerations for deciding whether to submit an offer in compromise to the IRS.

The Internal Revenue Service (IRS) has announced the new federal income tax brackets, exemptions and deduction limits for 2021. The new inflation-based figures take effect for the 2021 tax year, meaning that they will impact U.S. taxpayers’ April 2022 returns. Here, Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, provides a rundown of some of the most-significant changes.