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) is targeting high-income and high-wealth taxpayers in two ongoing enforcement initiatives that have netted the agency $1.3 billion over the past year. These initiatives involve auditing taxpayers suspected of non-filing or non-payment (or both), and the IRS is relying on additional resources to pursue these audits as quickly as possible. Should you be concerned, and if so, what should you do? Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

The IRS Office of Promoter Investigations is targeting tax preparers, accountants and others suspected of encouraging and facilitating Employee Retention Credit (ERC) fraud. Facing scrutiny from the Office of Promoter Investigations presents substantial risks, so an informed and strategic defense is critical. Learn more from Virginia IRS lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.

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.