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Category: Hot Topics

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

Have You Received a CP200 Tax Notice Related to Your Cryptocurrency Taxes?

Articles/News, Hot Topics

Posted on November 30, 2020

Just like other types of investment transactions, cryptocurrency sales and trades are considered taxable events under the Internal Revenue Code. This does not necessarily mean that you owe tax on the transaction (if you lost money on a trade, for example, you would not owe tax), but it does mean that you have an obligation to report the transaction to the Internal Revenue Service (IRS) and pay tax if tax is owed.

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IRS Issues Another Round of “Educational Letters” to Cryptocurrency Holders

Articles/News, Hot Topics

Posted on August 31, 2020

Last summer, we reported on the Internal Revenue Service’s (IRS) issuance of more than 10,000 “educational letters” to U.S. taxpayers who were suspected of underreporting and underpaying their federal income tax liability with respect to their cryptocurrency holdings. On August 14, 2020, the IRS sent another round of letters to cryptocurrency investors in Massachusetts and across the United States. If you received one of these letters, you will need to review the letter carefully, and it will be important for you to speak with a Boston IRS tax lawyer promptly.Read More

DOWNLOAD NOW: A Rare Look Inside the IRS Tax Audit Process in 2020

Hot Topics

Posted on August 28, 2020

Being audited by the Internal Revenue Service (“IRS”) can be a traumatizing experience, to say the least.  In this tell-all, former IRS Attorney, Kevin E. Thorn, discloses not only what each type of IRS tax audit entails, but also how to proceed in defending an IRS tax audit.   

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