As we look forward to 2021, it is worth taking a look back at some of the lessons we learned in 2020. While major media headlines were dominated by the COVID-19 pandemic, issues of social injustice and the Presidential election – and rightfully so – we focused our attention on helping taxpayers stay up-to-date on their reporting and filing requirements. Here is a look back at some of the top articles published by Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group: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

The Internal Revenue Service’s (IRS) offer in compromise program allows eligible U.S. taxpayers to settle their outstanding federal tax debt for less than the full amount they owe. If you are interested in submitting an offer in compromise to the IRS, your first step is to consult with a Washington D.C. tax attorney to determine your eligibility.Read More

When disaster strikes, the Internal Revenue Service (IRS) will often offer tax relief to individual and business taxpayers. This tax relief can take various forms, from delaying the due date for income tax filings (as in the case of the COVID-19 crisis) to providing additional deductions to taxpayers that experience casualty losses (as in the case of major storms). The U.S. Small Business Administration (SBA) offers disaster relief loans and grants in various circumstances as well—and the IRS is tasked with ensuring that taxpayers who receive federal funds pay all relevant taxes when they come due.Read More