The Internal Revenue Service (IRS) is cracking down on taxpayers suspected of failing to report income from gambling and gaming activities. This includes individual taxpayers suspected of failing to report winnings as well as casinos and other businesses suspected of underreporting their gaming-related revenues. Recently, this crackdown hit home in Boston, when a local police officer pled guilty to gambling-related tax fraud. Here are some important insights from Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group:
Read MoreMany taxpayers find themselves in the situation of disagreeing with the Internal Revenue Service (IRS) about how much they owe. If you believe the IRS is asking you to pay more than you owe under the Internal Revenue Code, your next step may be to file an appeal. In this article, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, provides an overview of the IRS appeals process.
Read MoreThe 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 MoreOffshore Account UpdatePosted 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 MoreOffshore Account UpdatePosted 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.
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