News,
Offshore Account UpdatePosted in on March 17, 2025
Each year, the Internal Revenue Service (IRS) publishes a list of tax scams that can cause unsuspecting taxpayers to file fraudulent returns. The IRS refers to these scams as the “Dirty Dozen.” In this article, Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, highlights some of the top concerns from the IRS’ “Dirty Dozen” list for 2025.
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Offshore Account UpdatePosted in on January 17, 2025
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.
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Offshore Account UpdatePosted in on December 31, 2024
Internal Revenue Service (IRS) investigations present serious risks, and once IRS agents have raided your home or office, you only have a limited amount of time to defend yourself before the IRS seeks an indictment. With this in mind, find out what you need to do in the aftermath of an IRS raid from Virginia criminal tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.
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Offshore Account UpdatePosted in on December 20, 2024
If you have lingering concerns about your business’ Paycheck Protection Program (PPP) or Employee Retention Credit (ERC) filings, you are not alone. Numerous businesses submitted improper ERC and PPP claims during and after the COVID-19 pandemic. Whether an improper claim was intentional or inadvertent, it can lead to serious consequences, and the Internal Revenue Service (IRS) is continuing to target ERC and PPP fraud heading into 2025. Learn more from Virginia criminal tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.
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Offshore Account UpdatePosted in on October 31, 2024
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.
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