While the One Big Beautiful Bill (OBBB) that President Trump signed into law on July 4, 2025, includes several important changes for U.S. taxpayers, one area where the OBBB does not impact taxpayers’ obligations is in relation to the disclosure of offshore accounts. Taxpayers who have qualifying offshore accounts remain obligated to disclose these accounts to the IRS, FinCEN or both—and failing to do so still carries steep penalties. Boston offshore tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

The One Big Beautiful Bill (OBBB) includes several key provisions for U.S. taxpayers. While some of these provisions impact specific groups of taxpayers (such as those who work for tips or receive overtime pay), others apply more broadly. Going forward, it will be important for all taxpayers to ensure that they have a clear understanding of how the OBBB impacts their tax liability—as improperly claiming credits, exemptions or deductions could trigger an IRS audit. Learn more from Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group:

If you failed to file your annual return by Tax Day, you are facing the IRS' failure to file penalty. While you might receive a letter from the IRS informing you that you are being penalized, the failure to file penalty begins immediately once you miss the filing deadline. In this scenario, your options depend on your individual circumstances. Learn more from Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.

The Internal Revenue Service (IRS) released its 2024 Data Book at the end of May. While the Data Book contains filing statistics, taxpayer survey results, and other general information about the IRS’ administration of the federal tax system, it also highlights some of the agency’s recent enforcement actions and priorities. This provides some important insights for taxpayers, as Boston IRS tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.