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Hot TopicsPosted on May 5, 2020
For cryptocurrency investors, the challenges of understanding how the Internal Revenue Code (IRC) applies to cryptocurrency transactions do not provide an excuse for non-compliance. As a result, as federal Tax Day approaches, individual and corporate taxpayers must ensure that they have a clear understanding of what they need to report on their federal returns. Contact Boston tax attorney Kevin E. Thorn today to get the answers you need and discuss your specific situation in greater detail.
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Hot TopicsPosted 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.”
Read MoreArticles/NewsPosted 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 MoreArticles/NewsPosted 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 MoreArticles/NewsPosted 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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