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Archive by Year:2021

IRS CI Releases FY 2021 Annual Report

Offshore Account Update

Posted on November 30, 2021

The Internal Revenue Service’s Criminal Investigation Division (IRS CI) recently released its Fiscal Year 2021 Annual Report. The report highlights several key aspects of IRS CI’s enforcement efforts from October 1, 2020 through September 30, 2021. Here, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses some key takeaways for U.S. taxpayers.

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Should You Move to Puerto Rico to Avoid Cryptocurrency Tax Liability?

Offshore Account Update

Posted on November 12, 2021

Among the recent wave of stories published about Facebook whistleblower Frances Haugen, one story published in the New York Times has gotten a lot of attention for reasons not related to Haugen’s formal testimony. Haugen told the New York Times that she “did buy crypto at the right time,” and this, in part, prompted her to move to Puerto Rico with her “crypto friends” earlier this year.

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Do You Have “Reasonable Cause” for Failing to File an FBAR?

Hot Topics, Offshore Account Update

Posted on October 29, 2021

Failing to file a Report of Foreign Bank and Financial Accounts (FBAR) can lead to steep penalties under federal law. While the Internal Revenue Service’s (IRS) streamlined filing compliance procedures provide a way for taxpayers to mitigate their liability for “non-willful” FBAR filing violations, submitting a streamlined filing does not allow taxpayers to avoid penalties entirely. However, as Boston international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, it is possible for taxpayers to avoid penalties for delinquent FBAR filings in some cases.

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The October 15 FBAR Filing Deadline Has Passed. What Now?

Articles/News, Offshore Account Update

Posted on October 15, 2021

On October 1, 2021, the Internal Revenue Service (IRS) issued a reminder that the automatic extension for annual FBAR filings expires on October 15. As the IRS notes, “[t]hose who don't file an FBAR when required may be subject to significant civil and criminal penalties that can result in a fine and/or prison.” So, if you missed the deadline to file your FBAR for 2020, what should you do now? Boston international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:Read More

IRS Releases Tax Tips and Resources for Cannabis Business Owners

Articles/News, Offshore Account Update

Posted on September 30, 2021

On September 27, 2021, the IRS released an online publication intended to help cannabis business owners navigate their federal income tax obligations. The publication touches on a variety of important issues, and it provides links to additional resources for cannabis-based businesses. Here, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, covers some of the highlights:

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