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News

Category: Articles/News - Page 2

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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IRS Highlights Five “Dirty Dozen” Tax Scams that Present Risks for Taxpayers in 2021 and 2022

Articles/News, Offshore Account Update

Posted on July 16, 2021

The Internal Revenue Service (IRS) maintains a list of tax scams which it refers to as the “dirty dozen.” These are scams that target U.S. taxpayers and present risks not only for direct monetary loss but for tax problems as well. Recently, the IRS highlighted five scams from its “dirty dozen” that present risks for taxpayers in 2021 and 2022. Here, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discusses these scams—and what taxpayers should do if they fall victim to fraud.Read More

IRS Audits May Increase in 2021 and Beyond

Articles/News, Offshore Account Update

Posted on May 28, 2021

With the Biden administration preparing for a significant increase in public spending, Republicans and Democrats are split over how to raise the necessary funds. As a result, President Biden himself has come up with a proposal. Rather than increasing taxes for corporations (which Republicans oppose) or increasing taxes for relatively low-earning taxpayers (which Democrats oppose), President Biden is suggesting that the IRS enhance its efforts to collect the funds that taxpayers already owe. This, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, should be cause for concern in 2021 and beyond.Read More

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