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News

Category: Articles/News

The October 15 FBAR Filing Deadline Has Passed. What Now?

Articles/News, Offshore Account Update

Posted on October 15, 2021

On October 1, 2021, the Internal Revenue Service (IRS) issued a reminder that the automatic extension for annual FBAR filings expires on October 15. As the IRS notes, “[t]hose who don't file an FBAR when required may be subject to significant civil and criminal penalties that can result in a fine and/or prison.” So, if you missed the deadline to file your FBAR for 2020, what should you do now? Boston international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:Read More

IRS Releases Tax Tips and Resources for Cannabis Business Owners

Articles/News, Offshore Account Update

Posted on September 30, 2021

On September 27, 2021, the IRS released an online publication intended to help cannabis business owners navigate their federal income tax obligations. The publication touches on a variety of important issues, and it provides links to additional resources for cannabis-based businesses. Here, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, covers some of the highlights:

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IRS: Small Businesses Must Accurately Classify Their Employees and Independent Contractors

Articles/News, Offshore Account Update

Posted on September 17, 2021

The Internal Revenue Service (IRS) is using National Small Business Week to remind business owners that they must accurately classify their employees and independent contractors. With the IRS Small Business/Self Employed Division’s new Fraud Enforcement Office now fully operational, this is likely to be a key enforcement area for the remainder of 2021 and heading into 2022. Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:Read More

Senate Infrastructure Bill Proposes New Tax Reporting Requirements for Cryptocurrency

Articles/News, Offshore Account Update

Posted on August 13, 2021

The Senate infrastructure bill passed on August 10, 2021, includes three critical provisions for cryptocurrency investors. While these provisions do not create new cryptocurrency taxes, they do create new cryptocurrency tax reporting requirements—and these requirements could lead to enhanced enforcement by the Internal Revenue Service (IRS).Read More

IRS Provides Updated Guidance for FBAR Reporting in 2021

Articles/News, Offshore Account Update

Posted on July 30, 2021

The Internal Revenue Service (IRS) recently issued updated guidance on the federal reporting requirements for U.S. taxpayers that have bank accounts and other financial accounts overseas. While the IRS’s updated guidance does not change anything with respect to taxpayers’ obligations, it clearly outlines the Report of Foreign Bank and Financial Accounts (FBAR) requirement and describes what taxpayers should do if they need to fix prior FBAR filing mistakes. Boston international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

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