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Archive by Year:2021

2021 Year in Review: What Do U.S. Taxpayers in Massachusetts Need to Know?

Offshore Account Update

Posted on December 31, 2021

As 2021 comes to a close, many people are already looking ahead to 2022. But, as we move into the New Year (and prepare for tax season), it is important to remember some of the key lessons we learned during the year that was. In this article, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, takes a look back at some of the key topics we covered in 2021.

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IRS: Interest Rates to Remain Unchanged for Q1 2022

Articles/News, Offshore Account Update

Posted on December 17, 2021

The Internal Revenue Service (IRS) recently announced that the interest rates for delinquent tax payments will remain unchanged for the first quarter of 2022. This is now the sixth consecutive quarter in a row—dating back to the start of the economic impacts of the COVID-19 pandemic—that the IRS’s interest rates have stayed constant. In this article, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what individual and corporate taxpayers need to know if they fall behind on their federal income tax liability.Read More

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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