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News

Archive by Year:2021 - Page 3

IRS Sends “John Doe” Summons to Boston-Based Cryptocurrency Exchange

Articles/News, Offshore Account Update

Posted on May 14, 2021

The IRS is cracking down on cryptocurrency investors. In order to do so, it is relying on an investigative tool known as a “John Doe” summons. These summonses allow the IRS to seek information about unspecified individuals from third parties. Recently, the IRS issued a John Doe summons to Boston-based cryptocurrency exchange Circle Internet Financial Inc. (“Circle”). Here, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what this means for cryptocurrency investors who use the Circle platform.Read More

Did You Miss the 2021 FBAR Filing Deadline?

Hot Topics, Offshore Account Update, Press Releases

Posted on April 30, 2021

When the Internal Revenue Service (IRS) extended the federal income tax filing deadline to May 17 for 2021, it left another important deadline untouched: U.S. taxpayers who owned foreign bank accounts in 2020 remained obligated to disclose these accounts by April 15. Since this date has passed, what should you do if you failed to file your Report of Foreign Bank and Financial Accounts (FBAR) on time? Boston international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

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Could You Be on IRS CI’s Enforcement Radar in 2021?

Offshore Account Update

Posted on April 16, 2021

The Internal Revenue Service’s Criminal Investigation Division (IRS CI) is having a busy year. After pursuing a relatively low number of investigations in 2020 (no doubt attributable in no small part to the COVID-19 pandemic), IRS CI now seems to be making up for lost time. So, could you be on IRS CI’s enforcement radar for 2021? In this article, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, provides his insights on IRS CI’s current law enforcement priorities.Read More

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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