News,
Offshore Account UpdatePosted in on July 31, 2020
If you owe money to the Internal Revenue Service (IRS), you have options available for mitigating your liability and reducing your risk of criminal prosecution. However, in order to take advantage of these options, you may need to act quickly, and it will be important to make informed decisions based on the advice of an experienced Virginia IRS voluntary disclosure lawyer.
Read MoreNewsPosted in on June 30, 2020
While the Internal Revenue Service (IRS) delayed Tax Day by three months due to the COVID-19 pandemic, Tax Day is finally upon us, and people who waited to file their federal returns can wait no more. For most people, this signifies the end of thinking about taxes for the rest of the year; but, for some, filing their 2020 return will trigger an audit by the IRS.
Read MoreNewsPosted in on May 29, 2020
A person getting married or divorced in the United States should note the tax implications for doing so. Marriage and divorce are two clearly significant life events. Yet, the tax consequences of both are not widely understood, especially when the couple’s joint tax liability is negatively impacted by the actions or debts of one spouse. Speak to Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, if you have questions or concerns about your tax obligations.
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NewsPosted in on April 30, 2020
Small businesses have always faced audit risks, but a recent development at the Internal Revenue Service (IRS) means that small businesses could soon be facing enhanced scrutiny of their federal returns. On March 5, the IRS announced that its Small Business/Self Employed Division is opening a new Fraud Enforcement Office that will specifically be targeting small businesses that underreport and underpay their federal tax liability. The Fraud Enforcement Office is beginning operations in 2020.
Read MoreNewsPosted in on March 31, 2020
In an effort to provide some financial relief to individual and corporate taxpayers during the novel coronavirus pandemic, the Internal Revenue Service (IRS) has extended the federal income tax filing and payment deadline for 2020 from April 15 to July 15. The Virginia Department of Treasury has extended the state income tax payment deadline to June 1. These extensions apply to all taxpayers automatically. In other words, there is nothing you need to do in order to delay your filings and payments (if applicable) to these revised deadlines.
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