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.Read More
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.Read More
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.Read More