In addition to filing their federal income tax returns, many U.S. taxpayers also need to file FinCEN Form 114 (commonly known as an “FBAR”) on an annual basis. For those who are required to file an FBAR, failure to do so can have significant consequences, including the potential for criminal prosecution under the federal Bank Secrecy Act (BSA). So, do you (or did you) need to file an FBAR with your 2021 return? Boston FBAR attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

The Internal Revenue Service (IRS) has signaled its intent to target tax evasion and tax fraud in a number of specific areas in 2021. Among others, this includes sports, gambling, lending practices and trusts. Here, Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, highlights some of the key issues that can lead to problems for taxpayers in Massachusetts if they do not manage their federal income tax reporting and payment obligations appropriately.