U.S. taxpayers who own foreign financial accounts worth $10,000 or more are required to file a Report of Foreign Bank and Financial Accounts (FBAR) on Tax Day each year. Those whose foreign assets exceed $50,000 in aggregate value may also have to file Internal Revenue Service (IRS) Form 8938. So, what are the consequences if you didn’t file an FBAR or IRS Form 8938 on April 18, 2022? Washington D.C. international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:Read More

With some cities reinstating mask requirements and the federal government extending the mask mandate for public transportation, the COVID-pandemic has gained renewed attention in recent weeks. But, the Internal Revenue Service’s Criminal Investigation Division (IRS CI) has maintained its focus on the pandemic all along. IRS CI is continuing to target individuals and businesses suspected of pandemic-related fraud, and it has announced several charges and guilty pleas over the past few months. Here, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some of the most recent examples:Read More

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.Read More

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.Read More