United States taxpayers who own “specified foreign financial assets” must disclose these assets to the Internal Revenue Service (IRS) annually. This potentially involves two separate filings—IRS Form 8938 and the Report of Foreign Bank and Financial Accounts (FBAR).Read More

Between the lingering economic impacts of the COVID-19 pandemic and the unprecedented inflation we have experienced in 2022, many businesses in Boston are being forced to shut their doors for good. When closing up shop, business owners need to take several steps, and they need to be careful to avoid problems with the Internal Revenue Service (IRS).Read More

On July 20, 2022, the Internal Revenue Service (IRS) published its Strategic Plan FY2022-2026. The IRS’ new five-year plan highlights four primary goals, one of which is to “[e]nforce the tax law fairly and efficiently to increase voluntary compliance and narrow the tax gap.”Read More

With businesses struggling to stay open—and with employees struggling to keep their jobs—during the height of the COVID-19 pandemic, Congress established several short-term relief programs in 2020. One of these programs was the employee retention credit. Eligible businesses could claim this refundable credit in order to offset their payroll costs, helping them continue to provide jobs despite their declining revenues.Read More

The Internal Revenue Service (IRS) recently issued a News Release announcing that U.S. taxpayers now have more options to amend their tax returns electronically. But, while amending a tax return is the right decision in some cases, it can be risky in others. As Massachusetts federal tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, taxpayers who have provided inaccurate information to the IRS will often need to explore other options.Read More