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News

Archive by Year:2019

Let a Boston Tax Attorney Help You With Your IRS Real Estate Audit

Asset Forfeitures / IRS Audits

Posted on June 26, 2019

Real estate investing is a common investment vehicle that can be quite profitable. In the past, even money-losing investment properties were advantageous for U.S. tax purposes. However, current U.S. tax law seeks to limit the use of real estate investments as tax shelters. Unless a taxpayer is designated as a real estate professional, the amount of losses that can be claimed on rental property is now sharply limited.

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How a Boston Tax Attorney Can Help You with Your Offshore Bank Account Reporting

Offshore Account Update

Posted on June 24, 2019

IRS REQUIREMENTS AND PENALTIES FOR DISCLOSING OFFSHORE BANK ACCOUNTS

What is an Offshore Account and How Do I Disclosure Mine?

 

Reporting an “offshore” bank account is imperative if a U.S. taxpayer has international assets.

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IRS Small Business Audits in Boston

Asset Forfeitures / IRS Audits

Posted on June 7, 2019

 The Internal Revenue Service (“IRS”) appears to be increasing the number of IRS small business audits they are issuing, which has had an effect on businesses in Boston and throughout Massachusetts. According to their website, the IRS audited almost one million taxpayer’s 2017 tax return. In addition, the IRS appears to be becoming stricter in their review of small businesses and their finances. What triggers an IRS small business audit? The IRS will issue an IRS small business audit for a multitude of reasons, not just when they are suspicious of a small business’s their tax returns or financial activity. This means that even companies with nothing to hide could be at risk for an IRS small business audit. Even if a crime has not been committed, an IRS Small business audit can be a traumatic experience for those who do not seek the proper guidance. If you want to avoid the devastating consequences an IRS small business audit can have, you need to hire the proper Boston tax lawyer to guide you and your business through it. Thorn Law Group can help.

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Taxation of American Expatriates Under FATCA

Offshore Account Update

Posted on May 6, 2019

In 2010, the Foreign Account Tax Compliance Act (FATCA) was passed by Congress and signed into law. The purpose of FATCA was to crack down on the use of offshore accounts to evade taxes. While FATCA has likely accomplished this goal, it has also made life much more difficult for American expatriates.

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U.S. Taxation of Foreign Income

Offshore Account Update

Posted on March 29, 2019

For U.S. taxpayers receiving foreign income, it is essential to be aware of the American tax requirements for such income. The United States is the only major country that taxes its citizens and permanent residents on income earned anywhere in the world. When faced with such an aggressive government stance on foreign income, U.S. taxpayers receiving foreign income must be certain they are in legal compliance.

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