The Internal Revenue Service (IRS) and the U.S. Department of Justice (DOJ) are targeting taxpayers suspected of fraudulently claiming tax deductions related to conservation easements. The deductions for charitable contributions of conservation easements are intended to promote the preservation of natural resources and historical infrastructure. However, many taxpayers claim these deductions improperly, and these “abusive” deductions result in substantial revenue losses for the U.S. government. Here, Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses the qualifications for claiming a conservation easement deduction and the risks of taking “abusive” deductions in violation of federal law.

The Internal Revenue Service (IRS) recently issued a News Release warning about tax scams targeting U.S. taxpayers. The News Release follows similar warnings issued previously; and, as noted by Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, taxpayers who fall victim to these scams can face a variety of challenges.

While U.S. taxpayers living in the United States received a one-month filing extension in 2021, taxpayers living abroad still needed to meet the normal June 15 deadline. So, what if you mistakenly assumed that you had another month to file? Or, what if you simply forgot or got too busy to file? Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

Under the American Rescue Plan Act, employers with fewer than 500 employees are eligible to receive tax credits when they provide paid leave to employees who miss work for reasons related to COVID-19. In this article, Virginia business tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what employers need to know before claiming tax credits under the American Rescue Plan Act.

Individual and business taxpayers need to be careful to completely and accurately disclose their taxable income on their annual returns. Inaccuracies and inconsistencies – both intentional and unintentional – can lead to Internal Revenue Service (IRS) scrutiny, and this scrutiny can, in turn, lead to fines, interest and other penalties. Here, Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some particular filing mistakes that are likely to trigger IRS audits in 2021: