News,
Offshore Account UpdatePosted in on March 31, 2022
While trusts have long been viewed as flexible estate planning tools that offer the opportunity for tax savings, efforts to avoid federal tax liability through the use of trust arrangements can go too far. The Internal Revenue Service (IRS) has identified an uptick in the use of abusive trust arrangements in recent years, and it has stated publicly that it is prioritizing enforcement in this area. In this article, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses the risks for estate planners, their clients and their clients’ beneficiaries.
Read MoreOffshore Account UpdatePosted in on March 18, 2022
Employers of all sizes have an obligation to withhold income and FICA taxes from their employees’ paychecks and remit the withheld funds to the Internal Revenue Service (IRS). When employers fail to meet this obligation, they can face the IRS’ Trust Fund Recovery Penalty (TFRP), and they can face additional criminal penalties in some cases.
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Offshore Account UpdatePosted in on February 28, 2022
Under federal tax law, any time a U.S. taxpayer sells, trades or exchanges cryptocurrency for goods or services, this transaction is a taxable event. The taxpayer realizes either gain or loss on the transaction, and the taxpayer has an obligation to report this gain or loss to the Internal Revenue Service (IRS). Many cryptocurrency investors have fallen short of meeting this obligation in recent years—and many have found themselves in need of a Washington D.C. tax attorney as a result.
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Offshore Account UpdatePosted in on February 14, 2022
In 2021, the Internal Revenue Service’s Criminal Investigation Division (IRS CI) seized $3.5 billion in cryptocurrency assets. This accounted for 93 percent of IRS CI’s total seizures during the year. But, while this may have been atypical in comparison to years past, it may ultimately prove to be the start of a new trend moving forward. Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.
Read MoreOffshore Account UpdatePosted in on January 31, 2022
Now that tax season is here, many first-time cryptocurrency investors are finding themselves struggling to understand the tax implications of their crypto transactions. Many experienced investors are facing these same struggles as well. If you invested in cryptocurrency in 2021 or prior years, you need to make sure you understand your tax obligations, and you need to meet these obligations if you want to avoid scrutiny from the Internal Revenue Service (IRS). In this article, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, answers some common questions about cryptocurrency investors’ tax obligations.
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