Federal tax mistakes are extremely common. According to the Internal Revenue Service (IRS), the tax gap—the difference between what taxpayers owe and what they have paid—currently stands at $696 billion. If you have recently discovered a mistake on your federal tax returns, what do you need to know? Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

The due date for the final quarterly installment of estimated tax payments for the 2024 tax year was January 15, 2025. If you are behind on your estimated tax payments, what do you need to know? Find out from Virginia IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.

The Internal Revenue Service (IRS) has issued a new set of regulations governing certain partnership “related party” transactions. Under the new regulations, some of these transactions now constitute “transactions of interest,” which means they are subject to federal reporting requirements. Learn more from Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.