The Internal Revenue Service (IRS) recently issued updated guidance on the federal reporting requirements for U.S. taxpayers that have bank accounts and other financial accounts overseas. While the IRS’s updated guidance does not change anything with respect to taxpayers’ obligations, it clearly outlines the Report of Foreign Bank and Financial Accounts (FBAR) requirement and describes what taxpayers should do if they need to fix prior FBAR filing mistakes. Boston international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:
Read MoreThe Internal Revenue Service (IRS) maintains a list of tax scams which it refers to as the “dirty dozen.” These are scams that target U.S. taxpayers and present risks not only for direct monetary loss but for tax problems as well. Recently, the IRS highlighted five scams from its “dirty dozen” that present risks for taxpayers in 2021 and 2022. Here, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses these scams—and what taxpayers should do if they fall victim to fraud.
Read MoreOffshore Account UpdatePosted on June 30, 2021
United States taxpayers who live in foreign countries have until June 15 to file their income tax returns each year. While the IRS extended the filing deadline for domestic filers in 2021, it did not extend the deadline for filers living abroad. In this article, Boston international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what you need to know if you live overseas and are now behind on your U.S. taxes.
Read MoreOffshore Account UpdatePosted on June 16, 2021
Under the Foreign Account Tax Compliance Act (FATCA), U.S. taxpayers must report foreign financial assets that exceed certain aggregate thresholds to the Internal Revenue Service (IRS) on an annual basis. In this article, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what qualifies as a “foreign financial asset” for purposes of the annual FATCA reporting requirement.
Read MoreWith the Biden administration preparing for a significant increase in public spending, Republicans and Democrats are split over how to raise the necessary funds. As a result, President Biden himself has come up with a proposal. Rather than increasing taxes for corporations (which Republicans oppose) or increasing taxes for relatively low-earning taxpayers (which Democrats oppose), President Biden is suggesting that the IRS enhance its efforts to collect the funds that taxpayers already owe. This, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, should be cause for concern in 2021 and beyond.
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