Tax planning is a key aspect of estate planning, especially for high-net-worth individuals and couples. When using trusts to mitigate estates’ and beneficiaries’ tax liability, however, estate planners need to be careful. Tax mitigation strategies can go too far, and the Internal Revenue Service (IRS) has recently targeted estate planners, their clients and others for Internal Revenue Code violations related to “abusive trust tax evasion schemes.” Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains.

As Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discussed last year, the 2021 Infrastructure Investment in Jobs Act (IIJA) contains some important – and potentially troubling – provisions for cryptocurrency investors and others in the crypto space. In particular, the IIJA contains multiple new reporting requirements, including a requirement for “brokers” to report their customers’ transactions to the Internal Revenue Service (IRS). However, the legislation leaves “brokers” undefined, and the statute’s operative language is broad enough that this term could potentially encompass miners and stakers, among others.

On September 27, 2021, the IRS released an online publication intended to help cannabis business owners navigate their federal income tax obligations. The publication touches on a variety of important issues, and it provides links to additional resources for cannabis-based businesses. Here, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, covers some of the highlights: