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Arts Cannabis Entertainment Real Estate Sports
Arts Cannabis Entertainment Real Estate Sports


2020 Year in Review: What Lessons Can U.S. Taxpayers Take With Them Into 2021?

Articles/News, Offshore Account Update

Posted on December 31, 2020 |

As we do every year, we published numerous articles on our blog during 2020. While we touched on various tax issues related specifically to the COVID-19 crisis, we offered information and insights on many “normal” tax-related issues as well. Here is a look back at some of the top articles published by Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group:

1. COVID-19 and the Paycheck Protection Program

While the Paycheck Protection Program (PPP) served an essential role in bolstering our nation’s economy in the midst of the COVID-19 crisis, it was also plagued by fraud—to the tune of hundreds of millions of dollars according to various reports. As a result, many PPP loan recipients can expect to face enhanced scrutiny when they file their tax returns in 2021, and business and individuals will need to be wary of other potential coronavirus-related fraud allegations as well. Learn more:



2. Art Tax Issues

As a Boston tax law firm, we represent many individuals and entities in the art world. In the middle of 2020, we published a two-part series discussing tax mitigation strategies for art collectors and investors. Learn more:



3. Cannabis Tax Issues

In 2020, we saw a significant increase in the number of Massachusetts businesses seeking tax advice related to the sale of cannabis products and paraphernalia. While the U.S. House of Representatives recently passed a marijuana decriminalization bill, marijuana remains a Schedule I controlled substance at the federal level, and this presents various challenges for cannabis businesses in Massachusetts. With the launch of the IRS’s new Fraud Enforcement Office, cannabis businesses will need to be especially careful to ensure that they are complying with the IRS’s guidance. Learn more:



4. Cryptocurrency Tax Issues

Cryptocurrency is another area where individuals and businesses face unique challenges with regard to federal income tax compliance. While the IRS has acknowledged that its guidance leaves questions unanswered, it is nonetheless taking proactive measures to identify and target cases of suspected reporting violations and tax evasion. Learn more:



5. Offshore Assets and Voluntary Disclosure

A significant portion of our practice is devoted to representing U.S. taxpayers with offshore accounts and other foreign financial assets. This is a complicated area that involves numerous statutory requirements, and taxpayers that make mistakes can face significant repercussions. Learn more:



Request a Consultation with Boston Tax Attorney Kevin E. Thorn, Managing Partner of Thorn Law Group

Do you have questions about your federal income tax reporting or payment obligations in 2021? If so, we invite you to schedule a confidential consultation at Thorn Law Group. To request an appointment with Boston tax attorney and Managing Partner Kevin E. Thorn, please call 617-692-2989, email ket@thornlawgroup.com or tell us how we can help online today.

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