More partnerships, S-corporations, limited liability companies (LLCs) and trusts can expect to face scrutiny from the Internal Revenue Service (IRS) in 2025. The same is true for individuals who own these pass-through entities. The IRS recently announced the formation of a new pass-through field operations unit that will be “increase[ing] audit rates” in this area, with a specific focus on high-income taxpayer noncompliance. Learn more from Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.

U.S. taxpayers who hold offshore bank accounts must report these accounts to the federal government annually. While reporting thresholds apply, most taxpayers’ offshore bank accounts will easily exceed these thresholds—meaning that they must file timely and accurate reports in order to avoid penalties from the Internal Revenue Service (IRS). For those who have failed to comply in the past, coming into compliance is essential, as is making sure they meet their reporting obligations in 2025. Learn more from Washington D.C. international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.