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Category: Articles/News - Page 3

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 Extends Federal Income Tax Deadline to July 15, But Massachusetts Has Not Yet Followed Suit


Posted on March 31, 2020

On March 21, the Internal Revenue Service (IRS) formally announced the extension of the federal income tax filing and payment deadline from April 15 to July 15 (Treasury Secretary Steven Mnuchin had previously shared the news on his Twitter account on the morning of March 20). This is good news for both individual and corporate taxpayers that are feeling the financial strain of the novel coronavirus pandemic. However, to date, the Commonwealth of Massachusetts has not followed suit—although many other states have.Read More

What Constitutes a “Cash” Transaction for Purposes of IRS/FinCEN Form 8300?


Posted on February 28, 2020

Most people are aware that cash transactions exceeding $10,000 must be reported to the federal government. However, there are many complexities to this rule of which most people are unaware, including the definition of what constitutes a “cash” transaction. As a result, if you believe that you may be required to file IRS/FinCEN Form 8300 in order to report a cash transaction, it is important that you consult with a Boston IRS tax lawyer prior to doing so.Read More

Tips and Tricks to U.S. Income Tax Liability for Workers Abroad


Posted on January 31, 2020

As the only country in the world requiring U.S. citizens and green card holders to file domestic taxes even when working abroad, you may be surprised to find that any foreign income earned is still subject to U.S. tax requirements. Failure to adequately file your U.S. taxes can result in heavy fines and penalties.

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What You Need to Know About Massachusetts Cannabis Business Taxes

Articles/News, Hot Topics

Posted on December 17, 2019

Massachusetts legalized marijuana for adult use in 2016 and began collecting taxes on the sale of marijuana in 2018. If you are currently operating a cannabis business or you are considering starting one, there are several things you need to know to ensure that you are in compliance with Massachusetts law. Understanding your tax responsibilities is critical to ensure the success and longevity of your business. If you have questions about your tax obligations, contact Boston cannabis tax attorney Kevin E. Thorn to ensure you are in compliance.

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