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Archive by Month: March 2021

How To Report Cryptocurrency on Your 2021 Federal Returns

Offshore Account Update

Posted on March 31, 2021

If you invested in cryptocurrency in 2020, you have an obligation to report any gain or loss from your investments on your 2021 federal returns. Cryptocurrency transactions have tax implications under the Internal Revenue Code, and the IRS has made clear that it will be targeting taxpayers who underreport and underpay their cryptocurrency-related tax liability in 2021. Here, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an overview of what U.S. taxpayers need to know about reporting cryptocurrency on their annual returns.Read More

Do You (or Did You) Need to File an FBAR with Your 2021 Federal Return?

Offshore Account Update

Posted on March 19, 2021

In addition to filing their federal income tax returns, many U.S. taxpayers also need to file FinCEN Form 114 (commonly known as an “FBAR”) on an annual basis. For those who are required to file an FBAR, failure to do so can have significant consequences, including the potential for criminal prosecution under the federal Bank Secrecy Act (BSA). So, do you (or did you) need to file an FBAR with your 2021 return? Boston FBAR attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

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