If you own an offshore bank account or other foreign financial assets, you may have an obligation to disclose these assets to the Internal Revenue Service (IRS) when you file your annual return in 2022. So, how can you determine if you need to file? If you need to file, should you file IRS Form 8938, an FBAR or both? Virginia FATCA lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

The Internal Revenue Service (IRS) recently published an update to the status of its operations during the COVID pandemic, and this led to a wave of media coverage warning taxpayers to be prepared for an “overloaded” IRS during the 2022 filing season. But, while some of the IRS’s operations may be behind schedule, this does not mean that taxpayers can afford to relax. As Virginia IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, taxpayers must be as careful as ever to ensure that they are meeting their federal obligations.

The Internal Revenue Service (IRS) recently released several sets of updated FAQs for U.S. taxpayers. The updated FAQs are intended to help taxpayers address a variety of specific issues as they prepare their annual returns for the 2021 tax year. In this article, Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, covers some of the highlights:

As we close the book on 2021, U.S. taxpayers need to be looking ahead to 2022. Tax season is right around the corner, and those who make mistakes can expect to hear from the Internal Revenue Service (IRS). In this article, Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, recaps some of the top tax stories from 2021 that will continue to impact taxpayers in the New Year (and beyond).

As a general rule, the Internal Revenue Service (IRS) expects U.S. taxpayers to pay the full amount they owe. However, the IRS also recognizes that some taxpayers – both individuals and businesses – will find themselves in circumstances in which fully paying their outstanding tax liability is not tenable. In these circumstances, the IRS allows qualifying taxpayers to submit an offer in compromise (OIC). The IRS recently published new guidance regarding the OIC program, which Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses below: