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News & Events

Archive by Month: May 2021

After Years of Lax Enforcement, IRS May Ramp Up Auditing Efforts in 2021

Articles/News, Offshore Account Update

Posted in on May 28, 2021

The IRS has conducted relatively few audits in recent years. In 2019, the IRS audited just 0.45 percent of individual tax returns, down from 0.59 percent in 2018—and even further down from 1.11 percent a decade prior. But, as New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, this may change in 2021.

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IRS Issues Another “John Doe” Summons to Identify Cryptocurrency Investors

Articles/News, Offshore Account Update

Posted in on May 14, 2021

The IRS is prioritizing cryptocurrency tax compliance in 2021. In addition to sending warning letters to known cryptocurrency investors, the IRS is also seeking to identify investors who have failed to report their cryptocurrency investments on their federal returns. As New Jersey tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, it is doing so through the use of what is known as a “John Doe” summons.

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