The Internal Revenue Service (IRS) has begun to focus its resources on identifying tax havens in Puerto Rico. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, this has potentially significant implications for U.S. taxpayers who transfer their business to Puerto Rico seeking tax advantages. Kevin E. Thorn warns, that such transfers have triggered many IRS tax audits already, and more may be on the way in the future.Read More

The Internal Revenue Service (IRS) and the Department of Justice (DOJ) are dedicating a large amount of their resources to combat the abuse of conservation easements. Conservation easements are meant to protect specific attributes of the property such as natural resources or historical infrastructure. While the IRS focuses on qualifications for the tax break, the Department of Justice monitors the appraisals of such qualifying properties to regulate promoters of such conservation easement transactions.Read More

The Internal Revenue Service (IRS) recently announced a safe harbor for small businesses that received Paycheck Protection Program (PPP) loans in 2020. As Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, the safe harbor applies specifically to small businesses that failed to deduct certain expenses based on IRS guidance issued prior to December 2020.Read More

If you trade or invest in cryptocurrency, you are obligated to report all income from your trades and sales to the Internal Revenue Service (IRS). But, you are not the only one with this obligation. Your cryptocurrency exchange has an obligation to report this information to the IRS as well—and the IRS can use your exchange’s filings to determine whether you have accurately reported and paid what you owe.Read More