The 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 More

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 More

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.Read More

Federal law requires employers to withhold income taxes and Social Security and Medicare contributions (also known as FICA taxes) from their employees’ paychecks. When employers withhold these taxes, the funds are held in “trust” until the employer pays them to the IRS on the employee’s behalf. As Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, failure to pay these funds to the IRS when due can lead to substantial penalties for the companies and individuals involved—and even criminal prosecution in some cases.Read More