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News

Category: Articles/News - Page 3

IRS Sends “John Doe” Summons to Boston-Based Cryptocurrency Exchange

Articles/News, Offshore Account Update

Posted on May 14, 2021

The IRS is cracking down on cryptocurrency investors. In order to do so, it is relying on an investigative tool known as a “John Doe” summons. These summonses allow the IRS to seek information about unspecified individuals from third parties. Recently, the IRS issued a John Doe summons to Boston-based cryptocurrency exchange Circle Internet Financial Inc. (“Circle”). Here, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what this means for cryptocurrency investors who use the Circle platform.Read More

7 Mistakes That Could Lead to Problems with the IRS in 2021

Articles/News, Offshore Account Update

Posted on February 26, 2021

While the federal government extended Tax Day to July 15 last year in response to the COVID-19 pandemic, there is currently no indication that a similar extension is under consideration for 2021. This means that U.S. taxpayers need to be prepared to file their returns and pay what they owe no later than April 15. When filing your returns, there are several mistakes you need to avoid—as failure to avoid them can potentially lead to an Internal Revenue Service (IRS) audit or investigation.Read More

IRS to Focus on Sports, Gambling, Lending Practices and Trusts in 2021

Articles/News, Hot Topics, Offshore Account Update

Posted on February 12, 2021

The Internal Revenue Service (IRS) has signaled its intent to target tax evasion and tax fraud in a number of specific areas in 2021. Among others, this includes sports, gambling, lending practices and trusts. Here, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, highlights some of the key issues that can lead to problems for taxpayers in Massachusetts if they do not manage their federal income tax reporting and payment obligations appropriately.Read More

2020 Year in Review: What Lessons Can U.S. Taxpayers Take With Them Into 2021?

Articles/News, Offshore Account Update

Posted on December 31, 2020

As we do every year, we published numerous articles on our blog during 2020. While we touched on various tax issues related specifically to the COVID-19 crisis, we offered information and insights on many “normal” tax-related issues as well. Here is a look back at some of the top articles published by Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group:  Read More

Have You Received a CP200 Tax Notice Related to Your Cryptocurrency Taxes?

Articles/News, Hot Topics

Posted on November 30, 2020

Just like other types of investment transactions, cryptocurrency sales and trades are considered taxable events under the Internal Revenue Code. This does not necessarily mean that you owe tax on the transaction (if you lost money on a trade, for example, you would not owe tax), but it does mean that you have an obligation to report the transaction to the Internal Revenue Service (IRS) and pay tax if tax is owed.

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