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Archive by Month: March 2022

IRS Targets Abusive Trust Arrangements in Estate Planning

Articles/News, Offshore Account Update

Posted on March 31, 2022

Tax planning is a key aspect of estate planning, especially for high-net-worth individuals and couples. When using trusts to mitigate estates’ and beneficiaries’ tax liability, however, estate planners need to be careful. Tax mitigation strategies can go too far, and the Internal Revenue Service (IRS) has recently targeted estate planners, their clients and others for Internal Revenue Code violations related to “abusive trust tax evasion schemes.” Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

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IRS Audits and the Trust Fund Recovery Penalty: What Employers in Boston Need to Know

Offshore Account Update

Posted on March 18, 2022

Federal law requires employers to withhold income taxes and Social Security and Medicare contributions (also known as FICA taxes) from their employees’ paychecks. When employers withhold these taxes, the funds are held in “trust” until the employer pays them to the IRS on the employee’s behalf. As Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, failure to pay these funds to the IRS when due can lead to substantial penalties for the companies and individuals involved—and even criminal prosecution in some cases.Read More

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