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Thorn Law Group
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The IRS has now released the withholding tables for 2018 under the new tax plan. This means that taxpayers could see changes in their paychecks as soon as February. Follow along with Thorn Law Group for other ways that you may see changes under this new law!
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Taxpayer Advocate Asks for Reasonable Cause Exception to Foreign Penalty

In her report to Congress, Taxpayer Advocate Nina Olson has asked for a reasonable cause exception to the penalties for failing to file foreign information on time. This request is a response to the new tax plan that will increase these penalties. If a taxpayer can show reasonable cause, the penalty for late filing will either be decreased or there will be no penalty at all. For more information on offshore accounts, read here: http://ow.ly/ZDuI30hJ3ul
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The IRS has announced that it will begin accepting tax returns on January 29. The deadline for filing will be April 17 instead of the usual April 15 deadline. If you have questions or concerns about your offshore reporting requirements, read more here: http://ow.ly/Z8Yn30hBT3x
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IRS Acquiring More International Data

As the IRS continues to get more data on overseas accounts from sources such as banks, tax treaties, and whistleblowers, the IRS has warned that taxpayers hiding assets overseas are in even greater danger of prosecution. While this data has previously been unavailable to the IRS, the current international tax climate is providing more information than they've ever had before. As this information comes in, the IRS predicts that the Criminal Investigation unit will be busier than ever before. Taxpayers who may have offshore accounts are encouraged to disclose them voluntarily to the IRS rather than become a target of an investigation.
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Trump signs tax reform into law. In his first big legislative move, President Trump has signed a tax reform bill. Read long with Thorn Law Group to see how this may affect you.
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Happy holidays from Thorn Law Group! Travel safely!
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As the 2017 tax year comes to a close, it is time to prepare to file your taxes! The IRS is encouraging taxpayers to file electronically and safely. Use approved software and guard your information. More information can be found on the IRS website.
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Tax reform may affect international tax treaties. As Congress moves closer to passing a tax bill, it remains unclear how foreign nations will respond to these tax modifications. Tax reform in the US may change or invalidate current international treaties. Keep reading with us to see how tax reform changes the international tax landscape.
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The Republicans have reached a tax deal and hope to have it on President Trump's desk to sign by next week! The deal aims to reduce corporate taxes and encourage companies to repatriate offshore funds. Further details of the deal will be released later this week, but it will have a maximum individual income tax rate of 37% and a maximum corporate rate of 21%. Keep following along with Thorn Law Group as tax reform proceeds.
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The IRS has announced that in the face of tax reform, the current tax rates will remain in effect for the first quarter of the 2018 tax year. Taxpayers will not see changes in their tax rates until after that period. Keep up to date on how tax reform may affect you with Thorn Law Group!
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