The Internal Revenue Service’s Criminal Investigation Division (IRS CI) recently released its FY 2021 Annual Report. While the Annual Report contains some notable statistics and other information about IRS CI’s enforcement efforts over the prior year, one figure stands out in particular. Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

The Internal Revenue Service (IRS) published a Tax Tip on November 1, 2021 explaining “the right to retain representation” for U.S. taxpayers. The IRS’ message is simple: As a U.S. taxpayer, you have the right to retain a Virginia tax lawyer for any federal tax matter. This is true whether you are seeking to proactively resolve a past filing mistake or you have been contacted by an IRS agent.

Every year around this time, we start to see articles pop up online about steps individuals and businesses can take to reduce their income tax liability. Many of these articles focus on end-of-year tax deductions. But, is taking these end-of-year tax deductions really a good idea? Or, could doing so get you into trouble with the Internal Revenue Service (IRS)? Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

The IRS is unforgiving when it comes to delinquent FBARs. However, there is one significant exception: The IRS does not penalize taxpayers who can show that their failure to file was due to “reasonable cause.” In this article, Virginia FBAR attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains how the IRS evaluates claims of “reasonable cause.”

When Virginia’s Cannabis Control Act took effect on July 1, 2021, it set the stage for the commercial sale of recreational, adult-use cannabis in the Commonwealth. While it will not be legal to sell recreational cannabis in Virginia until 2024, many businesses and entrepreneurs are already in the process of preparing to file their license applications with the Cannabis Control Authority and take all of the various other steps that will be necessary to hit the ground running. As Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, now is the time for cannabis businesses and entrepreneurs in Virginia to begin thinking about some important tax considerations as well.