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News & Events

Category: Hot Topics

IRS Issues Warning Regarding Abusive Micro-Captive Insurance Arrangements

Hot Topics, Offshore Account Update

Posted in on April 30, 2021

Earlier this year, we reported that the Internal Revenue Service (IRS) was sending warning letters to micro-captive insurance companies and their clients. On April 9, the IRS issued a News Release that underscores its intent to target taxpayers who participate in abusive micro-captive insurance arrangements in 2021. New Jersey tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

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The IRS is Continuing to Target Micro-Captive Insurance Transactions

Articles/News, Hot Topics, Offshore Account Update

Posted in on February 12, 2021

In March of 2020, the Internal Revenue Service (IRS) began sending warning letters to micro-captive insurance companies and their clients. This initiative was based on information the IRS received from various sources indicating that some micro-captive insurance companies were engaging in abusive practices—with attendant tax fraud implications.

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Have You Underreported Your Cryptocurrency Taxes to the IRS?

Articles/News, Hot Topics

Posted in on November 30, 2020

Have you received a CP2000 tax notice from the Internal Revenue Service (IRS) pertaining to your income tax liability for cryptocurrency trades or investment activity? If so, you are not alone. The IRS is sending these notices to U.S. taxpayers who are suspected of underpaying their federal income tax liability, and there have been reports of large volumes of these notices being issues in recent weeks. Our New Jersey tax lawyers have been following these developments closely and are available to represent individuals and businesses that need help dealing with the IRS.

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New Jersey Companies Thriving During the COVID-19 Crisis May Be at Risk for Tax Fraud Investigations

Articles/News, Hot Topics

Posted in on October 30, 2020

While the COVID-19 crisis has had a substantial impact on New Jersey’s economy, and while many businesses have been forced to shut down, some companies are thriving. For those that are, the risk of facing a federal tax fraud investigation is a very real concern.

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IRS Fraud Enforcement Office Will Open in the Midst of the COVID-19 Crisis

Articles/News, Hot Topics

Posted in on August 31, 2020

On March 5, 2020, the Internal Revenue Service (IRS) announced the formation of a new Fraud Enforcement Office within its Small Business/Self-Employed Division. While the COVID-19 crisis has put many things on hold, the Fraud Enforcement Office’s director, Damon Rowe, recently told Law 360 that the office is on pace to open as scheduled:

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