News,
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.
Read MoreCryptocurrency enforcement has become a major priority for the Internal Revenue Service’s Criminal Investigations Division (IRS CI). The division seized $3.5 billion in cryptocurrency in 2021, which accounted for 93 percent of all seizures for the year. Although IRS CI is targeting individuals and organizations for tax crimes in some of these cases, it is pursuing other charges as well. Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.
Read MoreOffshore Account UpdatePosted in on December 31, 2021
As we head into 2022, there are lots of lessons that U.S. taxpayers can (and should) carry forward from 2021. In this article, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, recaps some of the key topics we covered on our blog throughout the year.
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Offshore Account UpdatePosted in on December 17, 2021
The Internal Revenue Service (IRS) recently released a set of frequently asked questions (FAQs) regarding the tax consequences for recipients of Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds). The FAQs also address employers’ reporting requirements pertaining to SLFR Funds. In this article, Washington D.C. tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, covers some of the highlights:
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