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SportsIRS: Small Businesses Must Accurately Classify Their Employees and Independent Contractors
Articles/News, Offshore Account UpdatePosted on September 17, 2021
News
Category: Offshore Account Update - Page 20
The Internal Revenue Service (IRS) is using National Small Business Week to remind business owners that they must accurately classify their employees and independent contractors. With the IRS Small Business/Self Employed Division’s new Fraud Enforcement Office now fully operational, this is likely to be a key enforcement area for the remainder of 2021 and heading into 2022. Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:Read More
The Foreign Account Tax Compliance Act (FATCA) is a federal law that establishes reporting requirements for U.S. taxpayers who own offshore accounts. For taxpayers who are subject to FATCA, compliance is extremely important, as non-compliance can lead to civil—or even criminal—penalties. On the same token, if your offshore assets are not subject to FATCA, you don’t want to report them if you don’t have to. So, when don’t you need to file under FATCA? Boston international tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.Read More
Senate Infrastructure Bill Proposes New Tax Reporting Requirements for Cryptocurrency
Articles/News, Offshore Account UpdatePosted on August 13, 2021
IRS Provides Updated Guidance for FBAR Reporting in 2021
Articles/News, Offshore Account UpdatePosted on July 30, 2021
The Internal Revenue Service (IRS) recently issued updated guidance on the federal reporting requirements for U.S. taxpayers that have bank accounts and other financial accounts overseas. While the IRS’s updated guidance does not change anything with respect to taxpayers’ obligations, it clearly outlines the Report of Foreign Bank and Financial Accounts (FBAR) requirement and describes what taxpayers should do if they need to fix prior FBAR filing mistakes. Boston international tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:
Read MoreIRS Highlights Five “Dirty Dozen” Tax Scams that Present Risks for Taxpayers in 2021 and 2022
Articles/News, Offshore Account UpdatePosted on July 16, 2021
