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News

Category: Articles/News

IRS Targets Abusive Trust Arrangements in Estate Planning

Articles/News, Offshore Account Update

Posted on March 31, 2022

Tax planning is a key aspect of estate planning, especially for high-net-worth individuals and couples. When using trusts to mitigate estates’ and beneficiaries’ tax liability, however, estate planners need to be careful. Tax mitigation strategies can go too far, and the Internal Revenue Service (IRS) has recently targeted estate planners, their clients and others for Internal Revenue Code violations related to “abusive trust tax evasion schemes.” Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

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U.S. Treasury Department Provides Clarity on Crypto Miners’ and Stakers’ Tax Reporting Obligations

Articles/News, Offshore Account Update

Posted on February 14, 2022

As Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discussed last year, the 2021 Infrastructure Investment in Jobs Act (IIJA) contains some important – and potentially troubling – provisions for cryptocurrency investors and others in the crypto space. In particular, the IIJA contains multiple new reporting requirements, including a requirement for “brokers” to report their customers’ transactions to the Internal Revenue Service (IRS). However, the legislation leaves “brokers” undefined, and the statute’s operative language is broad enough that this term could potentially encompass miners and stakers, among others.

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IRS: Interest Rates to Remain Unchanged for Q1 2022

Articles/News, Offshore Account Update

Posted on December 17, 2021

The Internal Revenue Service (IRS) recently announced that the interest rates for delinquent tax payments will remain unchanged for the first quarter of 2022. This is now the sixth consecutive quarter in a row—dating back to the start of the economic impacts of the COVID-19 pandemic—that the IRS’s interest rates have stayed constant. In this article, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what individual and corporate taxpayers need to know if they fall behind on their federal income tax liability.Read More

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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