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Archive by Year:2020

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:  Read More

What are the Penalties for Failing to File an FBAR?

Offshore Account Update

Posted on December 17, 2020

The requirement for U.S. taxpayers to file FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR), exists under the Bank Secrecy Act (BSA). This statute was enacted in order to aid in the federal government’s fight against money laundering and other financial crimes, and violations of the BSA are taken very seriously. As a result, while it might not seem like a big deal if you failed to file an FBAR, the consequences can be substantial—and in some cases, FBAR violations can lead to criminal prosecution. Here, Boston offshore tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains the penalties for failing to file an FBAR:  

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Have You Received a CP200 Tax Notice Related to Your Cryptocurrency Taxes?

Articles/News, Hot Topics

Posted on November 30, 2020

Just like other types of investment transactions, cryptocurrency sales and trades are considered taxable events under the Internal Revenue Code. This does not necessarily mean that you owe tax on the transaction (if you lost money on a trade, for example, you would not owe tax), but it does mean that you have an obligation to report the transaction to the Internal Revenue Service (IRS) and pay tax if tax is owed.

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When Can (and Should) You Submit an Offer in Compromise to the IRS?


Posted on November 16, 2020

If you have fallen behind on your federal taxes, you are not alone. According to Internal Revenue Service (IRS) data, more than 14 million U.S. taxpayers owe outstanding taxes, interest and penalties. Due to this enormous number, the IRS offers various options to taxpayers who are in need of financial relief, one of which is the offer in compromise program.

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IRS-CI is Targeting Tax Fraud Related to the COVID-19 Crisis


Posted on October 30, 2020

Facing scrutiny from Internal Revenue Service Criminal Investigations (IRS-CI) is a serious matter. As the division’s name suggests, IRS-CI investigates allegations of criminal tax fraud, and IRS-CI investigations can lead to charges that carry substantial fines and long-term federal imprisonment.Read More

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