For several years, Boston residents who failed to report their foreign financial assets to the Internal Revenue Service (IRS) were able to mitigate the consequences of their omission through the IRS’s Offshore Voluntary Disclosure Program (OVDP). However, the OVDP ended on September 28, 2018. While taxpayers still have options for voluntarily disclosing their offshore holdings, there are some important limitations. As a result, consulting one of the Boston IRS voluntary disclosure lawyers at Thorn Law Group is critical to avoiding substantial penalties.

In today’s global economy, it is common for U.S. citizens to work abroad. And if these non-residents want to maintain their American citizenship, they will need to deal with their U.S. tax liability. With the complexity of international tax law, workers abroad will need to understand their U.S. tax obligations and deal with any reporting requirements.

Fortunately, there are ways to fight back against a potential trust fund recovery penalty with the help of a proven business tax lawyer.

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.