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Archive by Month: April 2022

Did You File an FBAR with Your 2022 Federal Income Tax Return?

Offshore Account Update

Posted on April 29, 2022

If you have a foreign bank account (or multiple foreign bank accounts) with an aggregate value of $10,000 or more, you are required to disclose your foreign holdings to the U.S. government each year. You must do so by filing a Report of Foreign Bank and Financial Accounts (FBAR) with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).Read More

What are the Tax Implications of Buying and Selling NFTs?

Offshore Account Update

Posted on April 15, 2022

Non-fungible tokens (NFTs) have taken the Internet by storm. While NFTs are not new, they have exploded in popularity over the past year, and companies and investors of all sizes are currently seeking to cash in. Like all assets, NFTs have tax implications, and failing to report and pay tax on NFT transactions can have serious consequences. In this article, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an introduction to what creators, buyers and sellers need to know.Read More

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