If you own offshore accounts with an aggregate value of $10,000 or more, you are required to report all of your offshore accounts to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) using the Report of Foreign Bank and Financial Accounts (FBAR). The Internal Revenue Service (IRS) enforces FBAR compliance, and filing an inaccurate or delinquent FBAR can lead to steep IRS-imposed penalties.

If you are behind on your federal tax filing or payment obligations, disclosing the deficiency to the IRS could be your best option. The alternative is to risk facing an audit or investigation—which can substantially increase the costs of noncompliance. But, before you disclose your tax law violation to the IRS, there are several important factors to consider, as Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

The Internal Revenue Service (IRS) recently announced that it is reopening the Employee Retention Credit (ERC) Voluntary Disclosure Program through November 22, 2024. But, in its announcement, the IRS also warns of “intensifying audits” targeting ERC fraud, and it makes clear that submitting a voluntary disclosure application does not guarantee protection against facing an audit or investigation. With this in mind, should you consider submitting a voluntary disclosure application? Learn about some important considerations from Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.

The Internal Revenue Service (IRS) is conducting penalty audits to enforce the Affordable Care Act’s (ACA) health insurance mandates for employers. These audits can expose employers to substantial penalties, so a strategic defense is critical. As Virginia IRS attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, building a strategic defense starts with understanding what (if anything) the IRS is likely to uncover during the audit process.

The IRS had a backlog of approximately 1.4 million Employee Retention Credit (ERC) claims as of May 2024. This was one of several revelations that came to light when the IRS was forced to respond to a lawsuit challenging its moratorium on new ERC filings earlier this year. In its response, the IRS also made clear that it is processing pending claims “slowly and judiciously” in order to identify potentially fraudulent claims that require further scrutiny.