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Category: Offshore Account Update

What You Need to Know if You Missed the IRS’ June 15 Overseas Taxpayer Deadline

Offshore Account Update

Posted on June 30, 2021

United States taxpayers who live in foreign countries have until June 15 to file their income tax returns each year. While the IRS extended the filing deadline for domestic filers in 2021, it did not extend the deadline for filers living abroad. In this article, Boston international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what you need to know if you live overseas and are now behind on your U.S. taxes.  Read More

What Foreign Assets Must U.S. Taxpayers Disclose Under FATCA?

Offshore Account Update

Posted on June 16, 2021

Under the Foreign Account Tax Compliance Act (FATCA), U.S. taxpayers must report foreign financial assets that exceed certain aggregate thresholds to the Internal Revenue Service (IRS) on an annual basis. In this article, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains what qualifies as a “foreign financial asset” for purposes of the annual FATCA reporting requirement.

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IRS Audits May Increase in 2021 and Beyond

Articles/News, Offshore Account Update

Posted on May 28, 2021

With the Biden administration preparing for a significant increase in public spending, Republicans and Democrats are split over how to raise the necessary funds. As a result, President Biden himself has come up with a proposal. Rather than increasing taxes for corporations (which Republicans oppose) or increasing taxes for relatively low-earning taxpayers (which Democrats oppose), President Biden is suggesting that the IRS enhance its efforts to collect the funds that taxpayers already owe. This, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, should be cause for concern in 2021 and beyond.Read More

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

Did You Miss the 2021 FBAR Filing Deadline?

Hot Topics, Offshore Account Update, Press Releases

Posted on April 30, 2021

When the Internal Revenue Service (IRS) extended the federal income tax filing deadline to May 17 for 2021, it left another important deadline untouched: U.S. taxpayers who owned foreign bank accounts in 2020 remained obligated to disclose these accounts by April 15. Since this date has passed, what should you do if you failed to file your Report of Foreign Bank and Financial Accounts (FBAR) on time? Boston international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

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