Improper classification of employees as independent contractors can lead to big problems with the Internal Revenue Service (IRS). But, the IRS also offers some options for businesses that want to voluntarily come into compliance. One of these options is the Voluntary Classification Settlement Program (VCSP). In this article, Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains when businesses might (and might not) want to use the VCSP.Read More

If you own offshore bank accounts, foreign securities or other foreign financial assets, you may be subject to the Foreign Account Tax Compliance Act (FATCA). Taxpayers that are subject to FATCA must file an additional form (or possibly additional forms) with their annual tax returns—and failure to do so can lead to significant penalties. So, what form(s) do you need to file to comply with FATCA? Here is an overview from Washington D.C. international tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group.Read More

Thanks to a few key provisions tucked into the long-awaited Senate infrastructure bill, cryptocurrency investors could soon face new risks if they fail to report transactions to the IRS. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, while the bill does not address cryptocurrency investors’ tax obligations directly, it proposes new third-party reporting requirements that would facilitate enhanced enforcement by the Internal Revenue Service (IRS).Read More

U.S. taxpayers with qualifying foreign financial accounts must complete and file a Report of Foreign Bank and Financial Accounts (FBAR) on an annual basis. Failure to do so can lead to civil or criminal penalties, and it can lead to scrutiny of taxpayers’ other filings as well. The Internal Revenue Service recently published some tips for FBAR compliance in 2021, which Washington D.C. international tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses below:Read More

The Internal Revenue Service (IRS) wants taxpayers to be aware of tax scams—and it wants taxpayers to avoid these scams if at all possible. But, while the IRS can issue warnings, what it cannot do in many cases is distinguish between scam victims and taxpayers who have knowingly submitted fraudulent returns. As a result, victims of tax scams will run into trouble with the IRS in many cases. In this article, Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what you need to know if you submitted a false return as the result of falling victim to a tax scam.Read More