Experienced Tax Attorneys


Call Us Confidentially Now: 617-692-2989


Call us confidentially now:
617-692-2989


CALL US CONFIDENTIALLY NOW: 617-692-2989

You Deserve Confidentiality & Trusted Tax Law Experience

Get Help Now
Arts Cannabis Entertainment Real Estate Sports
Arts Cannabis Entertainment Real Estate Sports

News

Category: Offshore Account Update

IRS CI Highlights “Emphasis Areas” for Tax Enforcement in 2022

Offshore Account Update

Posted on May 20, 2022

The Internal Revenue Service’s Criminal Investigation Division (IRS CI) is extremely busy. It initiates well over 1,000 investigations annually, and it routinely issues press releases touting the results of these efforts in the form of criminal charges, guilty pleas and convictions.Read More

Did You File an FBAR with Your 2022 Federal Income Tax Return?

Offshore Account Update

Posted on April 29, 2022

If you have a foreign bank account (or multiple foreign bank accounts) with an aggregate value of $10,000 or more, you are required to disclose your foreign holdings to the U.S. government each year. You must do so by filing a Report of Foreign Bank and Financial Accounts (FBAR) with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).Read More

What are the Tax Implications of Buying and Selling NFTs?

Offshore Account Update

Posted on April 15, 2022

Non-fungible tokens (NFTs) have taken the Internet by storm. While NFTs are not new, they have exploded in popularity over the past year, and companies and investors of all sizes are currently seeking to cash in. Like all assets, NFTs have tax implications, and failing to report and pay tax on NFT transactions can have serious consequences. In this article, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an introduction to what creators, buyers and sellers need to know.Read More

IRS Targets Abusive Trust Arrangements in Estate Planning

Articles/News, Offshore Account Update

Posted on March 31, 2022

Tax planning is a key aspect of estate planning, especially for high-net-worth individuals and couples. When using trusts to mitigate estates’ and beneficiaries’ tax liability, however, estate planners need to be careful. Tax mitigation strategies can go too far, and the Internal Revenue Service (IRS) has recently targeted estate planners, their clients and others for Internal Revenue Code violations related to “abusive trust tax evasion schemes.” Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

Read More

IRS Audits and the Trust Fund Recovery Penalty: What Employers in Boston Need to Know

Offshore Account Update

Posted on March 18, 2022

Federal law requires employers to withhold income taxes and Social Security and Medicare contributions (also known as FICA taxes) from their employees’ paychecks. When employers withhold these taxes, the funds are held in “trust” until the employer pays them to the IRS on the employee’s behalf. As Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, failure to pay these funds to the IRS when due can lead to substantial penalties for the companies and individuals involved—and even criminal prosecution in some cases.Read More

Back to the top