As our Washington D.C. tax defense attorneys recently discussed, if you own offshore bank accounts that are worth more than $10,000 at any point during the tax year, you are required to disclose these accounts to the federal government. In order to do so, you must file FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR), with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).Read More

As we look forward to 2021, it is worth taking a look back at some of the lessons we learned in 2020. While major media headlines were dominated by the COVID-19 pandemic, issues of social injustice and the Presidential election – and rightfully so – we focused our attention on helping taxpayers stay up-to-date on their reporting and filing requirements. Here is a look back at some of the top articles published by Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group:Read More

For many individuals and businesses, filing their annual income tax return is not their only filing obligation on April 15. Many U.S. taxpayers must also file FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR), with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Do you need to file an FBAR on April 15, 2021? Washington D.C. FBAR attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:Read More

Under federal law, U.S. taxpayers have an obligation to report their offshore assets and income to the IRS. Failure to report offshore assets and income can lead to substantial penalties—and possibly even to criminal prosecution of the Internal Revenue Service (IRS) determines that you have willfully withheld information about your foreign holdings or revenue sources in order to evade federal income tax liability. The IRS’ Voluntary Disclosure Practice provides taxpayers with the opportunity to mitigate the consequences of untimely disclosure, but making mistakes when attempting to take advantage of the program can lead to undesirable consequences as well.Read More

The Internal Revenue Service Criminal Investigations division (IRS CI) investigates tax crimes and collects evidence that the U.S. Department of Justice (DOJ) can use to pursue criminal charges in federal district court. As a result, facing an IRS CI investigation is a serious matter; and, if you have been contacted by special agents from IRS CI, it is important that you speak with a Washington D.C. criminal tax lawyer promptly.Read More