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News

Category: Hot Topics

IRS Announces New Options to Amend Returns, But Taxpayers Need to Be Careful

Hot Topics, Offshore Account Update

Posted on June 30, 2022

The Internal Revenue Service (IRS) recently issued a News Release announcing that U.S. taxpayers now have more options to amend their tax returns electronically. But, while amending a tax return is the right decision in some cases, it can be risky in others. As Massachusetts federal tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, taxpayers who have provided inaccurate information to the IRS will often need to explore other options.Read More

IRS Crackdown on Gambling and Gaming Leads to Prosecution of Boston Police Officer

Hot Topics, Offshore Account Update

Posted on June 16, 2022

The Internal Revenue Service (IRS) is cracking down on taxpayers suspected of failing to report income from gambling and gaming activities. This includes individual taxpayers suspected of failing to report winnings as well as casinos and other businesses suspected of underreporting their gaming-related revenues. Recently, this crackdown hit home in Boston, when a local police officer pled guilty to gambling-related tax fraud. Here are some important insights from Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group:

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Do You Have “Reasonable Cause” for Failing to File an FBAR?

Hot Topics, Offshore Account Update

Posted on October 29, 2021

Failing to file a Report of Foreign Bank and Financial Accounts (FBAR) can lead to steep penalties under federal law. While the Internal Revenue Service’s (IRS) streamlined filing compliance procedures provide a way for taxpayers to mitigate their liability for “non-willful” FBAR filing violations, submitting a streamlined filing does not allow taxpayers to avoid penalties entirely. However, as Boston international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, it is possible for taxpayers to avoid penalties for delinquent FBAR filings in some cases.

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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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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

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