News,
Offshore Account UpdatePosted in on December 17, 2021
The Internal Revenue Service (IRS) recently released a set of frequently asked questions (FAQs) regarding the tax consequences for recipients of Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds). The FAQs also address employers’ reporting requirements pertaining to SLFR Funds. In this article, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, covers some of the highlights:
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Offshore Account UpdatePosted in on October 15, 2021
The automatic extension for filing an FBAR expired on October 15, 2021. If you haven’t yet filed an FBAR for the 2020 tax year, your FBAR is now late. As the IRS noted in a recent reminder, “[t]hose who don't file an FBAR when required may be subject to significant civil and criminal penalties.” Here, Washington D.C. international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what you should do if you need to file a late FBAR.
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Offshore Account UpdatePosted in on September 30, 2021
Charitable donations have long been a tool for U.S. taxpayers to reduce their federal income tax liability. Taxpayers who itemize their deductions rather than taking the standard deduction can reduce their tax liability significantly—or eliminate it entirely in some cases—and charitable donations to qualifying organizations qualify for itemized deductions. But, as Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, taxpayers claiming deductions for charitable donations must be careful in order to avoid unwanted scrutiny from the IRS.
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Offshore Account UpdatePosted in on August 13, 2021
Thanks to a few key provisions tucked into the long-awaited Senate infrastructure bill, cryptocurrency investors could soon face new risks if they fail to report transactions to the IRS. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, while the bill does not address cryptocurrency investors’ tax obligations directly, it proposes new third-party reporting requirements that would facilitate enhanced enforcement by the Internal Revenue Service (IRS).
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Offshore Account UpdatePosted in on July 30, 2021
U.S. taxpayers with qualifying foreign financial accounts must complete and file a Report of Foreign Bank and Financial Accounts (FBAR) on an annual basis. Failure to do so can lead to civil or criminal penalties, and it can lead to scrutiny of taxpayers’ other filings as well. The Internal Revenue Service recently published some tips for FBAR compliance in 2021, which Washington D.C. international tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses below:
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