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Category: Hot Topics

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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Despite Lack of Clarity, Cryptocurrency Investors Must Still Strictly Comply with Federal Tax Laws in 2020

Articles/News, Hot Topics

Posted on May 5, 2020

For cryptocurrency investors, the challenges of understanding how the Internal Revenue Code (IRC) applies to cryptocurrency transactions do not provide an excuse for non-compliance. As a result, as federal Tax Day approaches, individual and corporate taxpayers must ensure that they have a clear understanding of what they need to report on their federal returns. Contact Boston tax attorney Kevin E. Thorn today to get the answers you need and discuss your specific situation in greater detail.

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What Do Small Business Owners Need to Know about the IRS's New Fraud Enforcement Office?

Articles/News, Hot Topics

Posted on April 30, 2020

The Internal Revenue Service (IRS) has formed a new Fraud Enforcement Office that will share responsibility for targeting tax fraud in the small business sector. In a March 5, 2020 statement announcing the creation of the Fraud Enforcement Office, the IRS wrote that the new office (which is housed within the Small Business/Self Employed Division) will work, “in support of IRS efforts to detect and deter fraud while strengthening the [IRS’s] National Fraud Program.”

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IRS Announces “Unprecedented” Effort to Crack Down on Offshore Tax Evasion

Hot Topics, Offshore Account Update

Posted on January 28, 2020

On January 23, 2020, the Internal Revenue Service (IRS) announced the first major crackdown conducted by the Joint Chiefs of Global Tax Enforcement. In doing so, it sent a stern warning to U.S. taxpayers who have offshore accounts, and it signaled that taxpayers who fail to comply with the IRS voluntary disclosure requirements may be at risk in similar coordinated international law enforcement efforts in the coming years.

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