NewsPosted in on September 25, 2020
Small Business Week was September 22 through 24. In recognition of the event, the Internal Revenue Service (IRS) took the opportunity to remind small business owners of the pitfalls of abusing the home office deduction. Here, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an overview of what business owners who work from home need to know:
Read MoreNewsPosted in on August 17, 2020
If you are being audited by the Internal Revenue Service (IRS), there is a lot you need to know. While it may be possible to avoid interest and other penalties with a strategic and effective defense, an IRS tax audit can also lead to criminal charges for federal tax evasion if you are not careful. To protect yourself, you need to respond to the audit appropriately, and you need to rely on the advice of an experienced Washington D.C. IRS tax lawyer.
Read MoreNewsPosted in on June 30, 2020
With Tax Day delayed until July 15 due to the COVID-19 pandemic, the Internal Revenue Service’s (IRS) annual wave of audits targeting individuals and companies suspected of underreporting and underpaying their federal income tax obligations has been delayed as well. But, the time has come; and, if you are being audited, it is important that you take the necessary steps to protect yourself. Here are five tips from Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.
Read MoreNewsPosted in on June 16, 2020
While the Paycheck Protection Program (PPP) provided a crucial financial lifeline for many businesses, many businesses that obtained loans under the PPP were not prepared for the compliance obligations that securing a forgivable loan from the federal government entailed. Among numerous other issues, many companies are currently struggling to appropriately address the federal income tax implications of paying their expenses with PPP loan funds. If you are unclear as to what your company can and can’t deduct, you should consult with an experienced Washington D.C. business tax attorney promptly.
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NewsPosted in on May 5, 2020
As 2020’s revised Tax Day inches closer, many individuals and businesses are beginning the process of gathering the information needed in order to prepare their returns. For many, this includes information about their cryptocurrency investments. After issuing updated guidance (and warning letters) last year, the Internal Revenue Service (IRS) is preparing to hold taxpayers accountable if they fail to properly report cryptocurrency transactions on their July 15, 2020 returns.
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