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Archive by Year:2021 - Page 4

7 Mistakes That Could Lead to Problems with the IRS in 2021

Articles/News, Offshore Account Update

Posted on February 26, 2021

While the federal government extended Tax Day to July 15 last year in response to the COVID-19 pandemic, there is currently no indication that a similar extension is under consideration for 2021. This means that U.S. taxpayers need to be prepared to file their returns and pay what they owe no later than April 15. When filing your returns, there are several mistakes you need to avoid—as failure to avoid them can potentially lead to an Internal Revenue Service (IRS) audit or investigation.Read More

IRS to Focus on Sports, Gambling, Lending Practices and Trusts in 2021

Articles/News, Hot Topics, Offshore Account Update

Posted on February 12, 2021

The Internal Revenue Service (IRS) has signaled its intent to target tax evasion and tax fraud in a number of specific areas in 2021. Among others, this includes sports, gambling, lending practices and trusts. Here, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, highlights some of the key issues that can lead to problems for taxpayers in Massachusetts if they do not manage their federal income tax reporting and payment obligations appropriately.Read More

Do You Need to Disclose Your Offshore Assets to the IRS in 2021?

Offshore Account Update

Posted on January 29, 2021

If you own offshore assets, you may have an obligation to disclose them to the Internal Revenue Service (IRS) in 2021. You may also be required to disclose them to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Failing to disclose foreign financial assets can lead to substantial penalties, up to and including six-figure fines and federal imprisonment. Here, Boston offshore tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an overview of the foreign asset disclosure requirements.Read More

Do You Need to File an FBAR if You Own Virtual Currency Offshore?

Offshore Account Update

Posted on January 15, 2021

Under the federal Bank Secrecy Act, U.S. taxpayers who own offshore accounts with an aggregate value of $10,000 or more in any tax year are required to disclose their offshore accounts using FinCEN Form 114, Report Foreign Bank and Financial Accounts (FBAR). Taxpayers must file FBARs annually with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), and failing to do so can lead to steep penalties.Read More

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